09 SB55/CSFA/2
Senate
Bill 55
By:
Senators Pearson of the 51st, Rogers of the 21st, Shafer of the 48th and
Williams of the 19th
AS
PASSED SENATE
A
BILL TO BE ENTITLED
AN ACT
AN ACT
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 change the
factors to be considered in determining fair market value of real property; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-5-2 of the Official Code of Georgia Annotated, relating to
definitions regarding ad valorem taxation of property, is amended by revising
subparagraph (B) of paragraph (3) as follows:
"(B)
The tax assessor shall consider the following criteria in determining the fair
market value of real property:
(i)
Existing zoning of property;
(ii)
Existing use of property, including any restrictions or limitations on the use
of property resulting from state or federal law or rules or regulations adopted
pursuant to the authority of state or federal law;
(iii)
Existing covenants or restrictions in deed dedicating the property to a
particular use;
and
(iv)
Foreclosure or bank or other financial institution owned sales of comparable
real property;
(v)
The net taxable value declared for tax purposes on the real estate transfer tax
declaration of comparable real property;
(vi)
Decreased value of the property based on limitations and restrictions resulting
from the property being in a conservation easement; and
(iv)(vii)
Any other factors deemed pertinent in arriving at fair market
value."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.