GA HB547

Expands the definition of bona fide conservation use property to include carbon sequestration as a secondary use when conducted through the Georgia Carbon Sequestration Registry or a carbon sequestration program

Allows single owners with multiple parcels under separate conservation use covenants to combine them into one new ten-year covenant without breaching existing agreements, provided all parcels would otherwise qualify for renewal

Prohibits covenant combination for parcels with delinquent taxes and requires owners to file a real property tax return with the board of tax assessors before combining parcels

Grants new owners of forest land conservation use property 180 days from acquisition to transfer the property from an existing preferential assessment covenant to a forest land conservation covenant without penalty

Effective upon Governor's approval and applicable to all taxable years beginning on or after January 1, 2027