SB 33 — Property Taxes: Homeownership Opportunity and Market Equalization Act of 2026

On April 2nd, late on Sine Die, the Senate passed an entirely amended SB 33, with property tax language from the former HB 1116, with a subsequent agree from the House chamber. The new Senate version of SB 33, AM 59 0041 is as follows:

Senate Bill 33, newly named as the, ‘Homeownership Opportunity and Market Equalization Act of 2026, aimed to reduce homestead property tax. The key components of the bill include:

• Creates the LHOST, a 1 percent sales tax, to be split between counties and cities for property tax relief for homesteaded properties. To adopt the LHOST, a Local Act is required with a following local voter referendum. The LHOST is in addition to other local sales tax but an alternative to the FLOST.
• Makes the floating homestead exemption established in HB 581 (2024 session) mandatory for all local governments, including cities, counties, and school systems. This exemption limits rises in taxable value of homesteaded property to an annual rate of inflation.
• As a result of the HB 581 homestead exemption, all local governments are eligible to pursue a FLOST. FLOST revenues would also be shared between cities and counties to proviude general property tax relief.
• Revises the dates which a special election may be held on a local government's increase in revenue. This change will impact the available dates for SPLOST and TSPLOST elections.