|
03 LC 18 2050
House Resolution 21
By: Representatives Buck of the 112th and Royal of the 140th
By: Representatives Buck of the 112th and Royal of the 140th
A RESOLUTION
Proposing an amendment to the Constitution so as to provide
for additional types of family owned farm entities which can qualify to receive
the preferential assessment for property which is devoted to bona fide
agricultural purposes; and to provide for the submission of this amendment for
ratification or rejection; and for other purposes.
BE IT RESOLVED BY THE GENERAL ASSEMBLY OF
GEORGIA:
SECTION 1.
Article VII, Section I, Paragraph III is amended by striking
subparagraph (c) and inserting in its place a new subparagraph (c) to read as
follows:
"(c) Tangible real property, but no more than 2,000 acres of any single property owner, which is devoted to bona fide agricultural purposes shall be assessed for ad valorem taxation purposes at 75 percent of the value which other tangible real property is assessed. No property shall be entitled to receive the preferential assessment provided for in this subparagraph if the property which would otherwise receive such assessment would result in any person who has a beneficial interest in such property, including any interest in the nature of stock ownership, receiving the benefit of such preferential assessment as to more than 2,000 acres. No property shall be entitled to receive the preferential assessment provided for in this subparagraph unless the conditions set out below are met:
(1) The property must be owned by:
(A)(i) One or more natural or naturalized citizens;
(ii) An estate of which the devisee or heirs are one or more natural or naturalized citizens; or
(iii) A trust of which the beneficiaries are one or more natural or naturalized citizens; or
(B)A
family-owned farm corporation, the controlling interest of which is owned by
individuals related to each other within the fourth degree of civil reckoning,
or which is owned by an estate of which the devisee or heirs are one or more
natural or naturalized citizens, or which is owned by a trust of which the
beneficiaries are one or more natural or naturalized citizens, and such
corporation derived 80 percent or more of its gross income from bona fide
agricultural pursuits within this state within the year immediately preceding
the year in which eligibility is sought. A family owned farm
entity, such as a family corporation, a family partnership, a family general
partnership, a family limited partnership, a family limited corporation, or a
family limited liability company, all of the interest of which is owned by one
or more natural or naturalized citizens related to each other by blood or
marriage within the fourth degree of civil reckoning, except that, solely with
respect to a family limited partnership, a corporation, limited partnership,
limited corporation, or limited liability company may serve as a general partner
of the family limited partnership and hold no more than a 5 percent interest in
such family limited partnership, an estate of which the devisees or heirs are
one or more natural or naturalized citizens, or a trust of which the
beneficiaries are one or more natural or naturalized citizens and which family
owned farm entity derived 80 percent or more of its gross income from bona fide
agricultural pursuits, including earnings on investments directly related to
past or future bona fide agricultural pursuits, within this state within the
year immediately preceding the year in which eligibility is sought; provided,
however, that in the case of a newly formed family farm entity, an estimate of
the income of such entity may be used to determine its
eligibility."
"(c) Tangible real property, but no more than 2,000 acres of any single property owner, which is devoted to bona fide agricultural purposes shall be assessed for ad valorem taxation purposes at 75 percent of the value which other tangible real property is assessed. No property shall be entitled to receive the preferential assessment provided for in this subparagraph if the property which would otherwise receive such assessment would result in any person who has a beneficial interest in such property, including any interest in the nature of stock ownership, receiving the benefit of such preferential assessment as to more than 2,000 acres. No property shall be entitled to receive the preferential assessment provided for in this subparagraph unless the conditions set out below are met:
(1) The property must be owned by:
(A)(i) One or more natural or naturalized citizens;
(ii) An estate of which the devisee or heirs are one or more natural or naturalized citizens; or
(iii) A trust of which the beneficiaries are one or more natural or naturalized citizens; or
(B)
SECTION 2.
The above proposed amendment to the Constitution shall be
published and submitted as provided in Article X, Section I, Paragraph II of the
Constitution. The ballot submitting the above proposed amendment shall have
written or printed thereon the following:
|
"( ) YES
( ) NO |
Shall the Constitution be amended so as to provide for
additional types of family owned farm entities which can qualify to receive the
preferential assessment for property which is devoted to bona fide agricultural
purposes?"
|
All persons desiring to vote in favor of ratifying the
proposed amendment shall vote "Yes." All persons desiring to vote against
ratifying the proposed amendment shall vote "No." If such amendment shall be
ratified as provided in said Paragraph of the Constitution, it shall become a
part of the Constitution of this state.