This bill reinstates, for a new 2 year period, the state and local sales tax exemption for sales for renovation or expansion of a zoological institution or an aquarium.  This legislation will only impact local sales tax in Fulton County.

This legislation authorizes up to four casino gaming establishments in Georgia: two in Metro Atlanta and two in other parts of the state.  The state would levy a 20 percent tax on casino revenues; require substantial investment and licensing fees in order for a casino to operate; set aside at least 90 percent of state revenues for the HOPE scholarship program; designate 1-2 percent of revenues for problem gambling organizations; and distribute 1-3 percent of revenues to the local government hosting the casino for infrastructure and public safety purposes.       

HR 807 is a Constitutional amendment that must be passed by Georgia voters in order for HB 677 to take effect.      

This bill further erodes the concept of fair market value by imposing even more artificial requirements on assessors. First, an arms length transaction cannot include any sale that exceeds the fair market value of properties in the appraisal neighborhood by three times or more. Appraisal neighborhood is undefined so it unclear what scope of application is intended. Second, use of the income approach is mandated (rather than merely being required to be considered) when the income of the property indicates a fair market value or 50 percent or less compared to the average of fair market values of other properties in the appraisal neighborhood. Again, the term appraisal neighborhood is undefined, with the same result noted above.

Under the current House substitute to this bill (LC 34 4893S), the only change being made is to require the income approach to be considered in determining FMV if actual and expense data are supplied by the property owner.