Loading chat...
GA HB517
Bill
Status
Introduced
2/24/2009
Primary Sponsor
Harry Geisinger
Click for details
AI Summary
- Caps annual increases in assessed value of real property at the lesser of 3% or the rate of inflation (as measured by CPI), with an aggregate limit of 9% over each three-year period of successive ownership; unused annual cap amounts may roll over to the next year within the three-year period
- Requires reassessment at full fair market value upon sale, transfer, or other "assessable transfer of interest," including conveyance by deed, land contract, certain trust transfers, zoning-related use changes, and every 10 years for nonhomestead property
- Phases in post-transfer valuation increases over seven years, limiting each annual increase to one-seventh of the difference between the new fair market value and the most recent assessed value
- Exempts bona fide agricultural property, conservation use land, forest land, historic properties, hazardous waste sites, and public utility property from the assessment cap
- Allows school systems and municipalities to increase or remove their mill rate limitations (in effect as of January 1, 2011) through a governing body resolution followed by approval in a voter referendum; the entire Act is contingent on ratification of a constitutional amendment at the November 2010 general election and would automatically repeal if the amendment fails
Legislative Description
Revenue and taxation; method of assessing real property; comprehensive revision
Last Action
House Committee Favorably Reported
3/11/2010
Committee Referrals
Ways and Means2/24/2009
Full Bill Text
No bill text available