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HB 0085 - Forest Land Conservation Valuation - Appraisal Methodology
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Tracking Level: Neutral
Sponsor: Jay Powell
Last Action: 1/1/2019 - Effective Date
House Committee: Ways & Means
Senate Committee: Finance
Assigned To:
Larry RamseyNext Bill
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Staff Analysis of the Legislation

The substitute version of this bill changes the method of valuation of forest land conservation property by uncoupling that valuation from 2008 values as existing law provides. Instead, the valuation would first change to 2016 values and then reset every 3 years thereafter. In addition, this bill creates a new appraisal methodology for valuation of non-covenant timberland property (defined as property with the primary purpose of commercial timber production).The Department of Revenue (DOR) will develop a methodology each year for valuing such property via actual income data for such properties. However, the resulting values could not be less than 175% of the corresponding FLPA value for that property. DOR is allowed to withhold 3 percent administrative fee from FLPA assistance grants to counties, cities, or school districts. The bill is contingent upon ratification of an enabling constitutional amendment, HR 51. Local assessors and taxpayers would have the right to appeal DOR's appraisal methodology.

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text

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