GA HB1032

The transaction amount of the most recent arm's length, bona fide sale in any year establishes the maximum allowable fair market value for the next taxable year, effectively capping assessed values at recent sale prices.

Tax assessors must document on a department-provided form the exact state or federal restrictions or limitations on property use that were considered in determining fair market value, including the percentage of property deemed unusable due to those restrictions.

Tax assessors are prohibited from including the value of intangible assets used by a business—such as patents, trademarks, trade names, customer agreements, and merchandising agreements—when determining the fair market value of real property.

Tax assessors are prohibited from considering income tax credits claimed under Section 42 of the Internal Revenue Code (Low-Income Housing Tax Credits) or Georgia Chapter 7 tax credits when determining real property fair market value.