05 LC 21
7987
Senate
Bill 50
By:
Senators Hamrick of the 30th, Seabaugh of the 28th, Pearson of the 51st, Heath
of the 31st and Hill of the 32nd
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 48-5-42.1 of the Official Code of Georgia Annotated, relating
to a personal property tax exemption for certain property, so as to increase the
amount of such exemption; to provide for an effective date and applicability; to
provide for a referendum; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-5-42.1 of the Official Code of Georgia Annotated, relating to a
personal property tax exemption for certain property, is amended by striking in
its entirety subsection (b) and inserting in lieu thereof the
following:
"(b)
All tangible personal property of a taxpayer, except motor vehicles, trailers,
and mobile homes, shall be exempt from all ad valorem taxation if the actual
fair market value of the total amount of taxable tangible personal property
owned by the taxpayer within the county, as determined by the board of tax
assessors, does not exceed
$7,500.00
$10,000.00."
SECTION
2.
Unless
prohibited by the federal Voting Rights Act of 1965, as amended, the Secretary
of State shall call and conduct a referendum as provided in this section for the
purpose of submitting this Act to the electors of the State of Georgia for
approval or rejection. The Secretary of State shall conduct that election on
the date of and in conjunction with the November, 2006, state-wide general
election. The Secretary of State shall cause the date and purpose of the
election to be published once a week for two weeks immediately preceding the
date thereof in the official organ of each county in the state. The ballot
shall have written or printed thereon the words:
|
"( ) YES
( ) NO
|
Shall
the Act be approved which increases the total value of the exemption from the
payment of ad valorem taxes on certain tangible personal property owned by the
taxpayer within the county from $7,500.00 total value to $10,000.00 total
value?"
|
All
persons desiring to vote for approval of the Act shall vote "Yes," and those
persons desiring to vote for rejection of the Act shall vote "No." If more than
one-half of the votes cast on such question are for approval of the Act, then
Section 1 of this Act shall become effective on January 1, 2007, and shall be
applicable to all taxable years beginning on or after that date. If Section 1
of this Act is not so approved or if the election is not conducted as provided
in this section, Section 1 of this Act shall not become effective and this Act
shall be automatically repealed on the first day of January immediately
following that election date.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.