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.

Everett, Doug (163rd) Day, Jr., C. Burke (153rd) Clark, William (3rd)
Evans, Mike A (28th) Snelling, Bob (99th) Bates, Kermit (179th)
Status Summary HC: W&M SC: LA: 01/27/98 H - Read 2nd Time
Page Numbers - 1/ 2
House Action Senate
1/26/98 Read 1st Time
1/27/98 Read 2nd Time

HB 1342                                            LC 18 8491 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  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 
  1-17        property: 
 
  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." 
 
 
                                 -1- 
 
 
 
  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. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 -2- 

Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 04/20/98

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