SR56: SR56 Bona Fide Conservation Use Property; maximum acreage to qualify for assessment and taxation; increase -CA

26 LC 33 9919S The House Committee on Ways & Means offers the following substitute to SR 56: A RESOLUTION Proposing an amendment to the Constitution so as to remove the cap on benefits granted1 pursuant to the Homeowner's Incentive Adjustment clause; to aut horize the General2 Assembly to provide by general law for local grant and adjustment programs; to authorize3 the General Assembly to provide for a local school system to impose a local option sales tax4 to offset a reduction in homestead property tax relief; to prov ide for related matters; to5 provide for the submission of this amendment for ratification o r rejection; and for other6 purposes.7 BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:8 SECTION 1.9 Article VII, Section IIA of the Constitution is amended by revising Paragraph I as follows:10 "Paragraph I. State and local grants; adjustment amount. (a) For each taxable year, a11 homeowner's incentive adjustment may be applied to the return of each taxpayer claiming12 such state-wide homestead exemption as may be specified by gene ral law. The General13 Assembly by general law may authorize local governments and loc al school systems to14 establish local grant programs and to appropriate local tax fun ds in support of local15 homeowner's incentive adjustments.16 S. R. 56 (SUB) - 1 - 26 LC 33 9919S (b) The amount of such adjustment the adjustment applied pursuant to subparagraph (a)17 of this Paragraph may provide a taxpayer with a benefit equivalent to a homestea d18 exemption of up to $18,000.00 of the assessed value of a taxpay er's homestead or the19 taxpayer's ad valorem property tax liability on the homestead, whichever is lower. The20 General Assembly may appropriate such amount each year for grants to local governments21 and school districts local school systems as homeowner tax relief grants.22 (c) The adjustments and grants authorized by this Paragraph shall be m ade in such23 manner and shall be subject to the procedures and conditions as may be specified by24 general law heretofore or hereafter enacted."25 SECTION 2.26 Article VIII, Section VI of the Constitution is amended by adding a new paragraph to read27 as follows:28 "Paragraph V. Local school system local option sales tax. The General Assembly may29 provide by general law for local school systems to impose, levy, and collect a sales and use30 tax for the purpose of property tax relief of such local school system. Such tax shall be at31 the rate of 1 percent and shall be imposed for a period of time not to exceed five years.32 Proceedings for the reimposition of such tax shall be in the same manner as proceedings33 for the initial imposition of the tax, but the newly authorized tax shall not be imposed until34 the expiration of the tax then in effect."35 SECTION 3.36 The above proposed amendment to the Constitution shall be publi shed and submitted as37 provided in Article X, Section I, Paragraph II of the Constitution. The ballot submitting the38 above proposed amendment shall have written or printed thereon the following:39 S. R. 56 (SUB) - 2 - 26 LC 33 9919S "( ) YES40 ( ) NO 41 42 43 Shall property tax relief be provided to homeowners by authoriz ing local grants and adjustments, by removing the current cap on benefits provided to homeowners, and by authorizing the General Assembly to provide by general law for a sales tax to offset such property tax relief?" All persons desiring to vote in favor of ratifying the proposed amendment shall vote "Yes." 44 All persons desiring to vote against ratifying the proposed amendment shall vote "No." If45 such amendment shall be ratified as provided in said Paragraph of the Constitution, it shall46 become a part of the Constitution of this state.47 S. R. 56 (SUB) - 3 -