09 LC
14 9993
House
Bill 498
By:
Representatives Lunsford of the
110th,
Millar of the
79th,
Burkhalter of the
50th,
Keen of the
179th,
Ehrhart of the
36th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 1 of Chapter 5 of Title 48 of the Official Code of Georgia
Annotated, relating to ad valorem taxation of property, so as to provide that
foreclosure sales and distressed sales shall be taken into account in the
determination of fair market value for purposes of taxation; to provide an
effective date; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
1 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating
to ad valorem taxation of property, is amended by adding a new Code section as
follows:
"48-5-6.1.
In
all determinations of fair market value of real property for purposes of this
chapter, foreclosure sales and distressed sales of comparable real property
shall be taken into account and shall be relevant and probative evidence of fair
market value. The valuation factor required by this Code section shall be in
addition to other factors relevant to the determination of fair market
value."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.