hb233_LC_18_8025S_hs_4.html
09 LC 18 8025S

The House Committee on Ways and Means offers the following substitute to HB 233:

A BILL TO BE ENTITLED
AN ACT

To amend Title 48 of the Official Code of Georgia Annotated, related to revenue and taxation, so as to provide for the comprehensive revision of the manner and method of assessing real property; to limit valuation increases of real property; to provide for procedures, conditions, and limitations; 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 rate of increase of the assessed value of real property for county, municipal, or educational ad valorem tax purposes shall not exceed from one taxable year to the succeeding taxable year 3 percent except as provided in subsections (b) and (c) of this Code section. Nothing in this subsection shall be construed to prohibit the assessed value of real property from decreasing.
(b) If real property or interests therein are sold or transferred, such real property shall be valued for ad valorem tax purposes at the most recent value established under subsection (a) of this Code section. Additions or improvements to such real 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.
(c) If property is rezoned at the request of the property owner and the use of such property is changed to conform with the use authorized by such rezoning, such property shall be valued for ad valorem tax purposes at its fair market value.
(d) Nothing in this chapter 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.

48-5B-2.
The provisions of this chapter shall not apply to:
(1) State ad valorem taxes; and
(2) 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."

SECTION 2.
This Act shall become effective on July 1, 2009 and shall stand repealed in its entirety on June 30, 2011.

SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.