09 LC 18
8059S
House
Bill 233
By:
Representative Lindsey of the
54th
(RULES COMMITTEE SUBSTITUTE)
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 real 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 real estate 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.
(b)
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.
(c)
In recognition of the conditions set forth in subsection (a) of this Code
section and pursuant to the authority specified under subsection (b) 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 real property except as specifically permitted under this Code section. 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 0 percent except as otherwise permitted in this
Code section. Each parcel of real property in this state shall be reassessed
subject to the requirements of this Code section at least one time during the
time period specified in this subsection.
(d)
Nothing in this Code section shall be construed to prohibit the assessed value
of real property from decreasing.
(e)
If real property or interests therein are sold or transferred, such real
property shall continue to be valued for ad valorem tax purposes at the most
recent value established under subsection (c) of this Code section.
(f)
Substantial 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.
(g)
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.
(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)
This chapter is 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.