Georgia homeowners will have a chance to vote on limiting how much their property taxes can increase, following passage of two pieces of legislation in the waning hours of the Georgia General Assembly session.

“This will be the largest property tax overall cut in history,” said Sen. Chuck Hufstetler, R-Rome, in presenting his bill for a final vote shortly after 10 p.m. Thursday. Less than an hour later, the House gave final passage to the resolution setting the enabling vote in November to amend the state constitution.

If approved by voters, the cap would go into effect Jan. 1, 2025. It would create a statewide homestead exemption that limits increases in assessed value to no more than the Consumer Price Index from year to year.

The bill contains a provision that sunsets the statewide homestead exemption in five years unless it is renewed — with the full knowledge that few lawmakers are willing to let a tax cut expire.