GA HB755

Redefines "forest land fair market value" to allow the 2008 base value to be replaced by a final value determined through appeal by a board of assessors, board of equalization, hearing officer, arbitrator, or superior court judge, and requires counties or municipalities to reimburse the state within 12 months for any overpaid local assistance grants resulting from reduced valuations on appeal

Requires taxpayers to pay ad valorem taxes equal to the lesser of the last finally determined tax amount or the temporary tax bill before the superior court may hear any civil action, appeal, or affidavit of illegality concerning ad valorem property tax disputes

Prohibits the state revenue commissioner from approving a county's tax digest when assessed value in dispute on appeal or in arbitration exceeds 5% of the total taxable digest (or 8% in revaluation years), replacing the prior rule that appeals alone could not be grounds for disapproval

Establishes that when tax bills are issued before an appeal is finally determined, temporary bills are based on the lesser of the last finally determined value or 85% of the current year's value, and allows nonhomestead owners of property valued at $2 million or more to escrow the disputed difference with the tax commissioner's office

Revises tax refund procedures for counties and municipalities by extending the filing deadline for tax refund claims from one year to three years, allowing taxpayers to bypass the governing authority refund process and proceed directly to filing suit, and imposing an absolute five-year statute of limitations on refund suits from the date of payment