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GA HR51
Resolution
Status
Passed
5/2/2018
Primary Sponsor
Jay Powell
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AI Summary
- Amends the Georgia Constitution to redefine "forest land conservation use property" as forest land of at least 200 acres in aggregate across one or more counties, with parcels of at least 100 acres in any given county, replacing the prior requirement that each tract exceed 200 acres of a single qualified owner
- Reduces the covenant breach recapture period from 15 years to 10 years for owners receiving special forest land conservation use assessment and taxation benefits
- Replaces the 2008 fair market value baseline (adjusted annually by a federal price index) with a 2016 fair market value baseline that updates every three years beginning in 2019 for calculating revenue reduction and assistance grants
- Permits the General Assembly to increase assistance grant values by general law beyond prescribed amounts for the years 2019–2023, and allows the state revenue commissioner to deduct and retain up to 5 percent of assistance grants to cover state administrative costs
- Creates a new "qualified timberland property" subclassification for ad valorem tax purposes, covering land primarily used for commercial timber production, valued at no less than 175 percent of its forest land conservation use value, with appraisal by the Department of Revenue and a separate appeals process
Legislative Description
Forest land fair market value; prescribed methodology; remove - CA
Last Action
Effective Date
5/2/2018
Full Bill Text
No bill text available