06 LC 18 5418S
The
House Committee on Ways and Means offers the following substitute to HR
162:
A
RESOLUTION
Proposing
an amendment to the Constitution so as to provide for limitations upon the rate
of increase of the assessed value of real property; to provide for a definition;
to provide for procedures; to provide for exceptions; to provide for the
submission of this amendment for ratification or rejection; and for other
purposes.
BE
IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
IX, Section IV of the Constitution is amended by adding a new Paragraph at the
end thereof, to be designated Paragraph V, to read as follows:
"Paragraph
V.
Limitations
on assessed value increases for real
property. (a) Notwithstanding any other
provision of this Constitution to the contrary, with respect to property the
rate of increase in the assessed value of such property for state, county,
municipal, or educational ad valorem tax purposes or any combination thereof,
shall not exceed an aggregate of 9 percent for each three-year period of
successive ownership and shall not exceed from one taxable year to the
succeeding taxable year the lesser of 3 percent or the percent change in the
rate of economic inflation on individual taxpayers as determined by the state
revenue commissioner. For such purpose, the state revenue commissioner may use
the Consumer Price Index for all urban consumers published by the Bureau of
Labor Statistics of the United States Department of Labor and any other reliable
economic indicator determined by the state revenue commissioner to be
appropriate. Within such three-year period, such 3 percent limitation shall
operate in a cumulative manner so if an increase in one year is less than 3
percent, the 3 percent cap for the next succeeding year shall be increased by an
amount equal to the difference in the actual percentage increase in the
preceding year and 3 percent.
(b)
The limitations specified under subparagraph (a) of this Paragraph shall not
apply to:
(1)
The first year in which such real property is taxable to a new owner after a
transfer of ownership; provided, however that such limitations shall continue to
apply without interruption in cases of transfer other than at an
arḿs
length transaction. Such cases shall include transfers as a result of the death
of a spouse or in cases of divorce and such other similar transfers as may be
provided by general law;
(2)
New construction, additions, or improvements to real property; and
(3)
Real property subject to Article VII, Section 1, Paragraph III (e) of this
Constitution."
SECTION
2.
The
above proposed amendment to the Constitution shall be published and submitted
as provided in Article X, Section I, Paragraph II of the Constitution. The
ballot submitting the above proposed amendment shall have written or printed
thereon the following:
|
"( ) YES
( ) NO
|
Shall
the Constitution of Georgia be amended so as to provide for limitations upon the
rate of increase in the assessed value of real property for state, county,
municipal, or educational ad valorem purposes or any combination
thereof?"
|
All
persons desiring to vote in favor of ratifying the proposed amendment shall vote
"Yes." All persons desiring to vote against ratifying the proposed amendment
shall vote "No." If such amendment shall be ratified as provided in said
Paragraph of the Constitution, it shall become a part of the Constitution of
this state.