09 LC 25
5435
House
Bill 399
By:
Representative Smith of the
113th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 48-5-311 of the Official Code of Georgia Annotated, relating
to county boards of equalization, duties, reviews of assessments, and appeals,
so as to provide a remedy for certain cases in which property has been
overvalued for tax purposes as shown by subsequent sales values; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-5-311 of the Official Code of Georgia Annotated, relating to county
boards of equalization, duties, reviews of assessments, and appeals, is amended
in subsection (e) by adding a new paragraph to read as follows:
"(9)(A)
If within five years of a final determination of the value on appeal made under
this subsection the taxpayer presents proof to the board of equalization that
the subject property has been sold in a bona fide arms-length transaction for an
amount which is less than the value of the property as established by such
appeal, then the taxpayer shall be owed a refund. Such refund shall be
equivalent to the difference between:
(i)
The amount of taxes actually paid on such property by the taxpayer from the date
of the final determination on appeal and the date of sale of such property;
and
(ii)
The amount of taxes that would otherwise have been due on such property during
such period if the final determination of the value on appeal had been equal to
the actual sale amount for such property.
In
the event a refund is owed to the taxpayer under this paragraph, such refund
shall be paid to the taxpayer within 60 days of the date proof sufficient for
purposes of this paragraph was provided to the board of equalization. Any
refund paid after the sixtieth day shall accrue interest at the same rate as
specified in Code Section 48-2-35 from the sixtieth day until paid. The
provisions of subsection (m) of this Code section shall not apply to refunds
under this paragraph.
(B)
This paragraph shall not apply if the taxpayer appeals the final determination
to superior court pursuant to subsection (g) of this Code
section."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.