SUMMARY: LC 43 0478 LC 43 0612S    LC 43 0916S  LC 43 0991S

A resolution proposing an amendment to the constitution to remove the current procedure for establishing forest land fair market value. The constitutional amendment, if ratified by the voters, will be implemented by HB 85.

The value used would no longer be 2008.  Fair market value would be determined as of 2016 and be updated every three years.

The General Assembly could create a separate class of property called qualified timberland property which HB 85 does.

The question to be placed on the ballot in November 2018 is:

Shall the Constitution of Georgia be amended so as to revise provisions related to the subclassification for tax purposes of and the prescribed methodology for establishing the value of forest land conservation use property and related assistance grants, to provide that assistance grants related to forest land conservation use property may be increased by general law for a five-year period and that up to 5% of assistance grants may be deducted and retained by the state revenue commissioner to provide for certain state administrative costs, and to provide for the subclassification of qualified timberland property for ad valorem taxation purposes?