|HB 1342 - Ad valorem tax; property values; additional considerations|
First Reader Summary
A BILL to amend Code Section 48-5-2 of the Official Code of
Georgia Annotated, relating to definitions regarding ad valorem
taxation of property, so as to provide for additional
considerations when determining the value of real property; and
for other purposes.
Page Numbers -
||Read 1st Time
||Read 2nd Time
HB 1342 LC 18 8491
A BILL TO BE ENTITLED
1- 1 To amend Code Section 48-5-2 of the Official Code of Georgia
1- 2 Annotated, relating to definitions regarding ad valorem
1- 3 taxation of property, so as to provide for additional
1- 4 considerations when determining the value of real property;
1- 5 to provide for an effective date; to provide for
1- 6 applicability; to repeal conflicting laws; and for other
1- 7 purposes.
1- 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
1- 9 SECTION 1.
1-10 Code Section 48-5-2 of the Official Code of Georgia
1-11 Annotated, relating to definitions regarding ad valorem
1-12 taxation of property, is amended by striking subparagraph
1-13 (B) of paragraph (3) and inserting in its place a new
1-14 subparagraph (B) to read as follows:
1-15 "(B) The tax assessor shall consider the following
1-16 criteria in determining the fair market value of real
1-18 (i) Existing zoning of property;
1-19 (ii) Existing use of property, including any
1-20 restrictions or limitations on the use of property
1-21 resulting from state or federal law or rules or
1-22 regulations adopted pursuant to the authority of
1-23 state or federal law;
1-24 (iii) Existing covenants or restrictions in deed
1-25 dedicating the property to a particular use; and
1-26 (iv) Any other factors deemed pertinent in arriving
1-27 at fair market value; provided, however, that in the
1-28 event a building permit is issued with respect to
1-29 real property, the increase in value shall not be
1-30 based upon the amount of such permit but shall only
1-31 be based upon the actual, true increase in value
1-32 attributable to the new construction which is the
1-33 subject of such permit."
2- 1 SECTION 2.
2- 2 This Act shall become effective on January 1, 1999, and
2- 3 shall be applicable to all taxable years beginning on or
2- 4 after that date.
2- 5 SECTION 3.
2- 6 All laws and parts of laws in conflict with this Act are
2- 7 repealed.
Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 04/20/98