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GA HR96

Resolution

Status

Passed

3/2/2023

Primary Sponsor

Noel Williams

Click for details

Origin

House of Representatives

2023-2024 Regular Session

AI Summary

  • On or after January 1, 2028, using any portion of property enrolled in a bona fide conservation use covenant or bona fide residential transitional use covenant for solar generation of energy for sale or lease constitutes a breach of that covenant, triggering recapture of tax savings and potential additional penalties
  • Timber with a fair market value at harvest or sale of $500,000 or less per taxpayer per year would be assessed at the same percentage of value as other real property, rather than the current rate of two and one-half times the standard assessed percentage, effective January 1, 2025
  • The existing assessment method (two and one-half times the standard rate) would remain in effect for timber exceeding the $500,000 per taxpayer per year threshold
  • Counties whose property tax digests are reduced by more than 20% due to the timber taxation method may assign supplemental assessed value to the properties benefiting from that method
  • The proposed amendment to Article VII, Section I, Paragraph III of the Georgia Constitution would be submitted to voters for ratification or rejection on a statewide ballot

Legislative Description

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

Last Action

Senate Tabled

3/26/2024

Committee Referrals

Finance3/6/2023
Ways and Means2/2/2023

Full Bill Text

No bill text available