GA SB346

Requires county boards of tax assessors to send annual assessment notices to all real property taxpayers (not just when changes are made), mailed between April 15 and July 1, using a statewide uniform notice format established by the state revenue commissioner that includes an estimate of current year taxes

Extends the deadline for taxpayers to file ad valorem tax assessment appeals from 30 days to 45 days and creates a new hearing officer appeal option for nonhomestead real property valued over $1 million, while revising binding arbitration procedures to require taxpayers to submit a certified appraisal within 45 days

Eliminates the mandatory requirement for taxpayers to file annual real property tax returns, making such returns optional while retaining the requirement for personal property returns; real property remains subject to taxation in the county where located regardless of whether a return is filed

Redefines "fair market value" to include distress sales (foreclosures, short sales, bank sales) as arm's length transactions, caps assessed fair market value at the transaction amount for one year following a sale, requires use of the income approach for income-producing property when data is available, and prohibits consideration of "future or highest and best use"

Centralizes training authority under the state revenue commissioner for all local tax officials, appraisers, and board of equalization members, with course materials updated at least every five years and made available online; effective date of January 1, 2011