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GA HR686

Resolution

Official Source

Status

Engrossed

3/15/2022

Primary Sponsor

Sam Watson

Click for details

Origin

House of Representatives

2021-2022 Regular Session

AI Summary

  • Amends the Georgia Constitution to reduce the ad valorem tax assessment rate on standing timber effective January 1, 2023, from two and one-half times the assessed percentage of value for other real property down to the same percentage of value applied to other real property
  • Standing timber continues to be assessed only once, following harvest or sale, based on fair market value at the time of harvest or sale
  • Requires the General Assembly, beginning January 1, 2024, to annually appropriate funds to each county, municipality, or school district that experiences ad valorem revenue loss due to the reduced timber assessment rate
  • State reimbursement to affected jurisdictions covers 50% of the revenue reduction for the first 3% of total timber harvest ad valorem tax revenue and 100% of any revenue reduction exceeding that 3% threshold
  • Submits the proposed constitutional amendment to Georgia voters for ratification or rejection on the ballot

Legislative Description

Ad valorem tax; rate reduction for sale or harvest of timber; provide - CA

Last Action

Senate Read and Referred

3/16/2022

Committee Referrals

Finance3/16/2022
Ways and Means2/3/2022

Full Bill Text

No bill text available