09 HB 233/AP
House
Bill 233 (AS PASSED HOUSE AND SENATE)
By:
Representative Lindsey of the
54th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Title 48 of the Official Code of Georgia Annotated, related to revenue and
taxation, so as to provide for a moratorium period during which valuation
increases of property shall be limited; to provide for legislative findings; to
provide for the authority for this Act; to provide for procedures, conditions,
limitations, and exclusions; to provide for applicability; to provide for
related matters; to provide for an effective date; to provide for automatic
repeal; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Title
48 of the Official Code of Georgia Annotated, related to revenue and taxation,
is amended by adding a new chapter to read as follows:
"CHAPTER
5B
48-5B-1.
(a)
The General Assembly finds that the citizens and property owners of this state
are experiencing a crisis in the reduction of value of tangible property of
unprecedented magnitude and that it is in the best interests of this state that
immediate action be taken to secure the economic stability of all Georgians.
This crisis is having a devastating effect on the economy of the State of
Georgia, and this Code section is enacted in order to provide for more effective
regulation and management of the finance and fiscal administration of the state
and pursuant to and in furtherance of the provisions of Article III, Section IX,
Paragraph II(c) of the Constitution and other provisions of the
Constitution.
(b)
In recognition of the emergency situation and fiscal conditions set forth in
subsection (a) of this Code section and pursuant to the authority specified
in subsection (a) of this Code section, for taxable years beginning on or after
January 1, 2009, and continuing only until the Sunday immediately preceding the
second Monday in January, 2011, a moratorium is declared on all increases in the
assessed value of all classes of all subjects of property which are subject to
ad valorem taxation property except as specifically permitted under this Code
section. The rate of increase of the assessed value of property for county,
county school district, municipal, or independent school district ad valorem tax
purposes shall not exceed from one taxable year to the succeeding taxable year 0
percent except as otherwise permitted in this Code section.
(c)
The limitations of this Code section shall not apply to the correction by local
tax officials, pursuant to Chapter 5 of this title, of any manifest, factual
error or omission in the valuation of property. The limitations of this Code
section shall take effect on January 1, 2010, for any county which performed or
had performed on its behalf a comprehensive county-wide revaluation of all
properties in the county in 2008 or any county which in 2009 was under contract
prior to February 28, 2009, to have performed on its behalf a comprehensive
county-wide revaluation of all properties in the county.
(d)
Nothing in this Code section shall be construed to prohibit the assessed value
of property from decreasing.
(e)
If property or interests therein are sold or transferred, the assessed value of
such property for ad valorem tax purposes shall not exceed the most recent
value established under subsection (b) of this Code section.
(f)
Additions or improvements to property shall be valued for ad valorem tax
purposes at their fair market value and shall be added to the owner's valuation
amount under this subsection.
(g)
If property is rezoned, subdivided, or combined with other property at the
request of the owner of such property and the use of such property is changed to
conform with the use authorized or caused by such rezoning, subdivision, or
combination with other property, such property shall be valued for ad valorem
tax purposes at its fair market value.
(h)
Nothing in this Code section shall be construed to alter or affect in any manner
the authority granted to the General Assembly under Article VII, Section II,
Paragraph II of the Constitution to enact homestead exemptions.
(i)
The provisions of this chapter shall not apply to real property in any county
for which a local constitutional amendment has been continued in force and
effect as part of the Constitution which imposes millage rate limitations
regarding ad valorem property taxes with respect to real property in such county
or county school district unless such local constitutional amendment is
repealed.
(j)
During the period of time in which this Code section is in effect, the
commissioner shall continue to examine and review county tax digests as
required under this chapter; provided, however, that, in the event a deficiency
in the tax digest of a county is attributable directly to the limitations
required by this Code section, no penalties shall be levied against such county
regarding such deficiency.
(k)
This chapter shall be repealed in its entirety on the second Monday in January,
2011."
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.