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GA HB994

Bill

Official Source

Status

Engrossed

3/7/2012

Primary Sponsor

Edward Lindsey

Click for details

Origin

House of Representatives

2011-2012 Regular Session

AI Summary

  • Extends the preferential ad valorem tax assessment period for qualified brownfield properties from 10 years up to a maximum of 15 consecutive years when construction delays occur during redevelopment
  • Property owners may qualify for the extension if construction of improvements commenced but then ceased for more than 180 days before resuming
  • The county board of tax assessors must extend the preferential assessment period by one year for each 365 days of construction inactivity, up to a maximum of five additional years
  • Property owners seeking the extension must submit a sworn certification to the county board of tax assessors documenting when construction started, stopped, and resumed
  • The preferential assessment values brownfield property at the lesser of the acquisition cost or the appraised fair market value recorded in the county tax digest at the time of application to the Environmental Protection Division under the Georgia Hazardous Site Reuse and Redevelopment Act

Legislative Description

Ad valorem taxation; preferential assessment of brownfield property; extend under certain circumstances

Last Action

Senate Read and Referred

3/7/2012

Committee Referrals

Finance3/7/2012
Ways and Means2/16/2012

Full Bill Text

No bill text available