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GA HB982
Bill
Status
Engrossed
2/29/2016
Primary Sponsor
Ron Stephens
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AI Summary
- Amends the definition of "fair market value of property" in Georgia's ad valorem tax code (O.C.G.A. § 48-5-2) to cap assessed values based on recent sale prices
- Establishes that the transaction amount of the most recent arm's length, bona fide sale in any year shall be the maximum allowable fair market value for the next taxable year
- Changes the income approach provision so that it applies when actual income and expense data are supplied by the property owner, rather than when such data "is available," shifting the burden to the property owner to provide the information
- Retains existing provisions allowing fair market value of equipment, machinery, and fixtures with no ready market to be determined using original cost, depreciation, obsolescence, and inflation factors
Legislative Description
Ad valorem tax; property; change certain definitions
Last Action
Senate Read and Referred
3/2/2016
Committee Referrals
Finance3/2/2016
Ways and Means2/11/2016
Full Bill Text
No bill text available