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HB 64 - Ad valorem tax; tangible property; assessment

Buck, III, Thomas B (135th)	Royal, A. Richard (164th)	Jamieson, Mary Jeanette (22nd)

Status Summary	HC:	W&M	SC:		FR:	01/13/99	LA:	01/14/99	H - Read 2nd Time

First Reader Summary

A BILL to amend Article 1 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to general provisions regarding ad valorem taxation of property, so as to change certain provisions relating to assessment of tangible property; and for other purposes.

Code Sections - 48-5-7/ 48-5-7

HB 64                                              LC 18 9138 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Article 1 of Chapter 5 of Title 48 of the Official 
  1- 2  Code of Georgia Annotated, relating to general provisions 
  1- 3  regarding ad valorem taxation of property, so as to change 
  1- 4  certain provisions relating to assessment of tangible 
  1- 5  property; to repeal conflicting laws; and for other 
  1- 6  purposes. 
 
  1- 7       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 8                           SECTION 1. 
 
  1- 9  Article 1 of Chapter 5 of Title 48 of the Official Code of 
  1-10  Georgia Annotated, relating to general provisions regarding 
  1-11  ad valorem taxation of property, is amended by striking Code 
  1-12  Section 48-5-7, relating to assessment of tangible property, 
  1-13  which reads as follows: 
 
  1-14    "48-5-7. 
 
  1-15    (a) Except as otherwise provided in this Code section, 
  1-16    taxable tangible property shall be assessed at 40 percent 
  1-17    of its fair market value and shall be taxed on a levy made 
  1-18    by each respective tax jurisdiction according to 40 
  1-19    percent of the property's fair market value. 
 
  1-20    (b) Tangible real property which is devoted to bona fide 
  1-21    agricultural purposes as defined in this chapter and which 
  1-22    otherwise conforms to the conditions and limitations 
  1-23    imposed in this chapter shall be assessed for ad valorem 
  1-24    property tax purposes at 75 percent of the value which 
  1-25    other tangible real property is assessed and shall be 
  1-26    taxed on a levy made by each respective tax jurisdiction 
  1-27    according to said assessment. 
 
  1-28    (c) Tangible real property which qualifies as 
  1-29    rehabilitated historic property pursuant to the provisions 
  1-30    of Code Section 48-5-7.2 shall be assessed at 40 percent 
  1-31    of its fair market value and shall be taxed on a levy made 
  1-32    by each respective tax jurisdiction according to 40 
  1-33    percent of the property's fair market value.  For the 
 
 
 
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  2- 1    purposes of this subsection, the term 'fair market value' 
  2- 2    shall mean the fair market value of rehabilitated historic 
  2- 3    property pursuant to the provisions of subparagraph (C) of 
  2- 4    paragraph (3) of Code Section 48-5-2. 
 
  2- 5    (c.1) Tangible real property which qualifies as landmark 
  2- 6    historic property pursuant to the provisions of Code 
  2- 7    Section 48-5-7.3 shall be assessed at 40 percent of its 
  2- 8    fair market value and shall be taxed on a levy made by 
  2- 9    each respective tax jurisdiction according to 40 percent 
  2-10    of the property's fair market value.  For the purposes of 
  2-11    this subsection, the term 'fair market value' shall mean 
  2-12    the fair market value of landmark historic property 
  2-13    pursuant to the provisions of subparagraph (D) of 
  2-14    paragraph (3) of Code Section 48-5-2. 
 
  2-15    (c.2) Tangible real property which is devoted to bona fide 
  2-16    conservation uses as defined in this chapter and which 
  2-17    otherwise conforms to the conditions and limitations 
  2-18    imposed in this chapter shall be assessed for property tax 
  2-19    purposes at 40 percent of its current use value and shall 
  2-20    be taxed on a levy made by each respective tax 
  2-21    jurisdiction according to 40 percent of the property's 
  2-22    current use value. 
 
  2-23    (c.3) Tangible real property located in a transitional 
  2-24    developing area which is devoted to bona fide residential 
  2-25    uses and which otherwise conforms to the conditions and 
  2-26    limitations imposed in this chapter for bona fide 
  2-27    residential transitional property shall be assessed for 
  2-28    property tax purposes at 40 percent of its current use 
  2-29    value and shall be taxed on a levy made by each respective 
  2-30    tax jurisdiction according to 40 percent of the property's 
  2-31    current use value. 
 
  2-32    (d) The requirement contained in this Code section that 
  2-33    all tax jurisdictions assess taxable tangible property at 
  2-34    40 percent of fair market value shall not apply to any tax 
  2-35    jurisdiction whose ratio of assessed value to fair market 
  2-36    value exceeded 40 percent for the tax year 1971.  No tax 
  2-37    jurisdiction so exempted shall assess at a ratio of less 
  2-38    than 40 percent except as necessary to effect the 
  2-39    preferential assessment provided in subsection (b) of this 
  2-40    Code section. 
 
  2-41    (e) Each notice of ad valorem taxes due sent to taxpayers 
  2-42    of counties and municipalities shall include both the fair 
  2-43    market value of the property of the taxpayer which is 
 
 
 
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  3- 1    subject to taxation and the assessed value of the property 
  3- 2    after being reduced as provided by this Code section.", 
 
  3- 3  and inserting in its place a new Code Section 48-5-7 to read 
  3- 4  as follows: 
 
  3- 5    "48-5-7. 
 
  3- 6    (a) Except as otherwise provided in this Code section, 
  3- 7    taxable tangible property shall be assessed at 40 percent 
  3- 8    of its fair market value and shall be taxed on a levy made 
  3- 9    by each respective tax jurisdiction according to 40 
  3-10    percent of the property's fair market value. 
 
  3-11    (b) Tangible real property which is devoted to bona fide 
  3-12    agricultural purposes as defined in this chapter and which 
  3-13    otherwise conforms to the conditions and limitations 
  3-14    imposed in this chapter shall be assessed for ad valorem 
  3-15    property tax purposes at 75 percent of the value which 
  3-16    other tangible real property is assessed and shall be 
  3-17    taxed on a levy made by each respective tax jurisdiction 
  3-18    according to said assessment. 
 
  3-19    (c) Tangible real property which qualifies as 
  3-20    rehabilitated historic property pursuant to the provisions 
  3-21    of Code Section 48-5-7.2 shall be assessed at 40 percent 
  3-22    of its fair market value and shall be taxed on a levy made 
  3-23    by each respective tax jurisdiction according to 40 
  3-24    percent of the property's fair market value.  For the 
  3-25    purposes of this subsection, the term 'fair market value' 
  3-26    shall mean the fair market value of rehabilitated historic 
  3-27    property pursuant to the provisions of subparagraph (C) of 
  3-28    paragraph (3) of Code Section 48-5-2. 
 
  3-29    (c.1) Tangible real property which qualifies as landmark 
  3-30    historic property pursuant to the provisions of Code 
  3-31    Section 48-5-7.3 shall be assessed at 40 percent of its 
  3-32    fair market value and shall be taxed on a levy made by 
  3-33    each respective tax jurisdiction according to 40 percent 
  3-34    of the property's fair market value.  For the purposes of 
  3-35    this subsection, the term 'fair market value' shall mean 
  3-36    the fair market value of landmark historic property 
  3-37    pursuant to the provisions of subparagraph (D) of 
  3-38    paragraph (3) of Code Section 48-5-2. 
 
  3-39    (c.2) Tangible real property which is devoted to bona fide 
  3-40    conservation uses as defined in this chapter and which 
  3-41    otherwise conforms to the conditions and limitations 
  3-42    imposed in this chapter shall be assessed for property tax 
 
 
 
                                 -3- 
 
 
 
  4- 1    purposes at 40 percent of its current use value and shall 
  4- 2    be taxed on a levy made by each respective tax 
  4- 3    jurisdiction according to 40 percent of the property's 
  4- 4    current use value. 
 
  4- 5    (c.3) Tangible real property located in a transitional 
  4- 6    developing area which is devoted to bona fide residential 
  4- 7    uses and which otherwise conforms to the conditions and 
  4- 8    limitations imposed in this chapter for bona fide 
  4- 9    residential transitional property shall be assessed for 
  4-10    property tax purposes at 40 percent of its current use 
  4-11    value and shall be taxed on a levy made by each respective 
  4-12    tax jurisdiction according to 40 percent of the property's 
  4-13    current use value. 
 
  4-14    (d) The requirement contained in this Code section that 
  4-15    all tax jurisdictions assess taxable tangible property at 
  4-16    40 percent of fair market value shall not apply to any tax 
  4-17    jurisdiction whose ratio of assessed value to fair market 
  4-18    value exceeded 40 percent for the tax year 1971.  No tax 
  4-19    jurisdiction so exempted shall assess at a ratio of less 
  4-20    than 40 percent except as necessary to effect the 
  4-21    preferential assessment provided in subsection (b) of this 
  4-22    Code section. 
 
  4-23    (e) Each notice of ad valorem taxes due sent to taxpayers 
  4-24    of counties and municipalities shall include both the fair 
  4-25    market value of the property of the taxpayer which is 
  4-26    subject to taxation and the assessed value of the property 
  4-27    after being reduced as provided by this Code section." 
 
  4-28                           SECTION 2. 
 
  4-29  All laws and parts of laws in conflict with this Act are 
  4-30  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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