HB 581

During the 2024 Legislative session, Senate and House leaders addressed concerns about rising property value assessments and property taxes. To alleviate this burden, House bill (HB) 581 was signed into law on April 18, 2024, contingent upon approval in the November Statewide Referendum which passed.

The bill introduces a statewide floating homestead exemption, effective January 1, 2025, for all property owners with a homestead exemption, unless local governments choose to “opt out.”

The Fayette Co Board of Education plans to opt out meaning your property taxes could increase based on the rate of inflation. Educational town halls are occurring. Check the Fayette County website and the City of Fayetteville website for additional details.