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HB 120 - Property; fair market value; leases not considered

Everett, Doug (163rd)	Stancil, Steve (16th)	Scheid, III, Charles F (17th)
Ray, Robert F (128th)	Walker, Larry (141st)	Bridges, Sr., Ben D (9th)

Status Summary	HC:	W&M	SC:		FR:	01/15/99	LA:	01/25/99	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 provide that leases shall not be considered in establishing the fair market value of real property; and for other purposes.

Code Sections - 48-5-6.1

HB 120                                             LC 26 0884 
 
 
 
 
 
 
                        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 provide 
  1- 4  that leases shall not be considered in establishing the fair 
  1- 5  market value of real property; to provide for an effective 
  1- 6  date and applicability; to repeal conflicting laws; and for 
  1- 7  other purposes. 
 
  1- 8       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 9                           SECTION 1. 
 
  1-10  Article 1 of Chapter 5 of Title 48 of the Official Code of 
  1-11  Georgia Annotated, relating to general provisions regarding 
  1-12  ad valorem taxation of property, is amended by adding a new 
  1-13  Code section, to be designated as Code Section 48-5-6.1, to 
  1-14  read as follows: 
 
  1-15    "48-5-6.1. 
 
  1-16    In determining the fair market value of the real property, 
  1-17    all or part of which is subject to a lease, the fair 
  1-18    market value of the property shall be determined on the 
  1-19    basis of the fair market value of the unencumbered fee 
  1-20    simple interest, and the rental amounts and duration of 
  1-21    any such lease shall not be considered." 
 
  1-22                           SECTION 2. 
 
  1-23  This Act shall become effective on January 1, 2000, and 
  1-24  shall apply to all taxable years beginning on or after that 
  1-25  date. 
 
  1-26                           SECTION 3. 
 
  1-27  All laws and parts of laws in conflict with this Act are 
  1-28  repealed. 
 
 
 
 
 
 
 
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