SR55: SR55 Bona Fide Conservation Use Property; maximum acreage to qualify for assessment and taxation; increase -CA

25 LC 44 2855 Senate Resolution 55 By: Senators Summers of the 13th, Brass of the 6th, Goodman of the 8th, Watson of the 11th, Anderson of the 24th and others A RESOLUTION Proposing an amendment to the Constitution so as to increase th e maximum acreage to1 qualify for assessment and taxation as a bona fide conservation use property; to provide for2 related matters; to provide for the submission of this amendment for ratification or rejection;3 and for other purposes.4 BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Article VII, Section I, Paragraph III of the Constitution is am ended by revising7 subparagraph (e)(1) as follows:8 "(e) The General Assembly shall provide by general law:9 (1) For the definition and methods of assessment and taxation, such methods to include10 a formula based on current use, annual productivity, and real property sales data, of: 'bona11 fide conservation use property' to include bona fide agricultur al and timber land not to12 exceed 2,000 6,000 acres of a single owner; and 'bona fide residential transition al13 property,' to include private single-family residential owner occupied property located in14 transitional developing areas not to exceed five acres of any single owner. Such methods15 of assessment and taxation shall be subject to the following conditions:16 S. R. 55 - 1 - 25 LC 44 2855 (A) A property owner desiring the benefit of such methods of a ssessment and17 taxation shall be required to enter into a covenant to continue the property in bona fide18 conservation use or bona fide residential transitional use; and19 (B) A breach of such covenant within ten years shall result in a recapture of the tax20 savings resulting from such methods of assessment and taxation and may result in other21 appropriate penalties; and"22 SECTION 2.23 The above proposed amendment to the Constitution shall be publi shed and submitted as24 provided in Article X, Section I, Paragraph II of the Constitution. The ballot submitting the25 above proposed amendment shall have written or printed thereon the following:26 "( ) YES27 ( ) NO 28 29 Shall the Constitution of Georgia be amended so as to increase the maximum acreage to qualify for assessment and taxation as a bona fide conservation use property from 2,000 acres to 6,000 acres?" All persons desiring to vote in favor of ratifying the proposed amendment shall vote "Yes."30 All persons desiring to vote against ratifying the proposed amendment shall vote "No." If31 such amendment shall be ratified as provided in said Paragraph of the Constitution, it shall32 become a part of the Constitution of this state.33 S. R. 55 - 2 -