In November 2020, Fayette County voted in favor of HB 1166, an additional homestead exemption applicable to the BOE portion of the property tax bill. A similar bill, HB 581, was approved by voters in November 2024. HB 581 provides an additional homestead exemption that applies to all taxing entities, except for bonds. The Fayette County BOE opted out of HB 581 in favor of the existing HB 1166 exemption. Both are floating exemptions, meaning that the amount of the exemption is determined based on the difference between the current value and a base year value.