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? 

EFFECTIVE DATE:

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