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GA HR1275
Resolution
Status
Introduced
4/4/2022
Primary Sponsor
Marvin Lim
Click for details
AI Summary
- Proposes an amendment to the Georgia Constitution authorizing the General Assembly to establish methods for assessing and taxing real property within designated corporate-community investment zones at 85 percent of fair market value, based on current use and real property sales data.
- Limits eligible zones to areas within a city, county, or consolidated government that are within or adjacent to contiguous census block groups with a poverty rate of 15 percent or greater, as determined by the most recent U.S. decennial census.
- Requires that any designated zone also fall within a state enterprise zone (Chapter 88 of Title 36) or an area with an adopted redevelopment plan (Chapter 61 of Title 36), and that qualifying property display pervasive poverty, underdevelopment, general distress, and blight.
- Requires property owners to enter into a corporate-community investment zone property contract of at least five years with the local governing authority, and prohibits eligible property from receiving this special assessment simultaneously with any other special assessment under the same constitutional paragraph.
- Submits the proposed constitutional amendment to voters for ratification or rejection on a statewide ballot.
Legislative Description
General Assembly; provide by general law for valuation of corporate-community investment zone property; authorize - CA
Last Action
House Hopper
4/4/2022
Full Bill Text
No bill text available