HB282: HB282 Ad valorem tax; property; change certain definitions

25 LC 50 1019 House Bill 282 By: Representatives Smith of the 138 th, Williamson of the 112 th, Blackmon of the 146 th, Kelley of the 16th, and Crowe of the 118th A BILL TO BE ENTITLED AN ACT To amend Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to ad1 valorem taxation of property, so as to change certain definitions regarding such taxation; to2 provide for related matters; to provide for an effective date; to repeal conflicting laws; and3 for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Chapter 5 of Title 48 of the Official Code of Georgia Annotated , relating to ad valorem7 taxation of property, is amended in Code Section 48-5-2, relati ng to definitions regarding8 such taxation, by revising paragraph (1) as follows:9 "(1) 'Current use value' of bona fide conservation use property means the amount a10 knowledgeable buyer would pay for the property with the intenti on of continuing the11 property in its existing use and in an arm's length, bona fide sale and shall be determined12 in accordance with the specifications and criteria provided for in subsection (b) of Code13 Section 48-5-269."14 H. B. 282 - 1 - 25 LC 50 1019 SECTION 2.15 This Act shall become effective upon its approval by the Governor or upon its becoming law16 without such approval.17 SECTION 3.18 All laws and parts of laws in conflict with this Act are repealed.19 H. B. 282 - 2 -