07 LC
18 5870
House
Resolution 3
By:
Representatives Lindsey of the
54th,
Stephens of the
164th,
Powell of the
29th,
Scott of the
2nd,
Wilkinson of the
52nd,
and others
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 for state, county, municipal,
or educational ad valorem tax purposes; 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 read as follows:
"Paragraph
V.
Limitations
on assessed value increases for real
property. (a) With respect to real
property the rate of increase of the assessed value of such property for state,
county, municipal, or educational ad valorem tax purposes shall not exceed an
aggregate of 9 percent for each three-year period of successive ownership and,
except as provided in this subparagraph, 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 that do not constitute an
arm´s 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 I, Paragraph III(e) of this
Constitution.
(c)
The General Assembly shall provide by general law for the implementation and
administration of this Paragraph."
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 of the assessed value of real property for state, county,
municipal, or educational ad valorem tax purposes?"
|
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.