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HR 0686 - Ad valorem tax; rate reduction for sale or harvest of timber; provide - CA

Tracking Level: Watch
Sponsor: Sam Watson (R)
Last Action: 3/16/2022 - Senate - Senate Read and Referred
House Committee: Ways and Means
Senate Committee: Finance
Assigned To:
TaxationNext Bill

Staff Analysis of the Legislation

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SUMMARY: LC 43 2292S

This is a Constitutional amendment to provide for a reduction in the ad valorem tax rate in assessing timber at sale or harvest.  On and after January 1, 2023, standing timber would be assessed following its harvest or sale at 40% of its value like other real property rather than on the basis of its fair market value at the time of harvest or sale as it is currently.

On and after January 1, 2024, the General Assembly would be required to annually appropriate to each school district, county, and city that experienced an ad valorem revenue reduction during the preceding tax year due to the change in the way timber is assessed. The state would reimburse 50% of the revenue reduction for the first 3% of the taxing jurisdiction's total timber harvest ad valorem for the tax year and 100% of the revenue reduction over that 3%.

The ballot question for the November 2022 ballot is:  Shall the Constitution of Georgia be amended so as to provide for a reduction in the rate of ad valorem tax assessment of timber as sale or harvest and to require state appropriations to each county, municipality, or school district affected by such reduction? 


January 1, 2023 if it passes by 2/3 in each chamber and by a majority vote in November 

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