HB526: HB526 Ad valorem tax; extension of preferential assessment period for certain historic properties; provide

25 LC 50 1200S The House Committee on Ways and Means offers the following substitute to HB 526: A BILL TO BE ENTITLED AN ACT To amend Article 1 of Chapter 5 of Title 48 of the Official Cod e of Georgia Annotated,1 relating to general provisions relative to ad valorem taxation of property, so as to provide for2 an extension of preferential assessment periods for certain historic properties; to provide for3 related matters; to repeal conflicting laws; and for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Article 1 of Chapter 5 of Title 48 of the Official Code of Geor gia Annotated, relating to7 general provisions relative to ad valorem taxation of property, is amended in Code8 Section 48-5-7.2, relating to preferential assessment for rehab ilitated historic property, by9 revising paragraph (4) of subsection (h) as follows:10 "(4) The expiration of nine years during which the property was classified and assessed11 as rehabilitated historic property; provided, however, that any such property may qualify12 thereafter as rehabilitated historic property if such property is subject to subsequent13 rehabilitation and qualifies under the provisions of this Code section; provided, further,14 that, if approved by the governing authority of the county, the classification and15 assessment under this Code section may continue for a period of up to an additional16 H. B. 526 (SUB) - 1 - 25 LC 50 1200S 12 years for income-producing real property, and such property's fair market value shall17 continue to be calculated pursuant to division (3)(C)(ii) of Code Section 48-5-2 during18 such period."19 SECTION 2.20 Said article is further amended in Code Section 48-5-7.3, relating to preferential assessment21 for landmark historic property, by revising subparagraph (e)(1)(E) as follows:22 "(E) The expiration of nine years during which the property was classified and assessed23 as landmark historic property; provided, however, that any such property may qualify24 thereafter as landmark historic property if such property is su bject to subsequent25 rehabilitation and qualifies under other portions of the historic properties tax incentive26 program contained within the provisions of this Code section; provided, further, that,27 if approved by the governing authority of the county, the classification and assessment28 under this Code section may continue for a period of up to an a dditional 12 years for29 income-producing real property, and such property's fair market value shall continue30 to be calculated pursuant to division (3)(D)(ii) of Code Sectio n 48-5-2 during such31 period."32 SECTION 3.33 All laws and parts of laws in conflict with this Act are repealed.34 H. B. 526 (SUB) - 2 -