This bill would amend Part 4 of Article 6 of Chapter 2 of Title 20 of the O.C.G.A. to revise calculation of equalization grants and add an eligibility requirement.
For the few systems who have a grandfathered LOST funds for maintenance and operations, the proceeds from that tax would have to be added to property tax revenue in calculating wealth per FTE.
The 75th percentile point of equalization would be replaced with a state-wide average of wealth per FTE, excluding the highest 5% of systems and the lowest 5% of systems.
It would omit systems with guaranteed valuation being allowed a reduction of the assessed valuation of property for calculating wealth per FTE.
To be eligible, a system would have to fall below the state average wealth per FTE; and, beginning July 1, 2015, they would have to levy at least 12 mills. Then by July 1, 2016 they would have to levy at least 12 ½ mills; by July 1, 2017 they would have to levy 13 mills; by July 1, 2018 they would have to levy 13 ½ mills; and by July 1, 2019 and thereafter, they would have to levy 14 mills.
Mid-term adjustments for equalization purposes would still be allowed.