Georgia General Assembly · Full text

HB 142: Ad valorem tax; extension of preferential assessment periods for certain historic properties; provide

Introduced version, the latest LegiScan holds · Last action January 30, 2025 · Introduced

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House Bill 142

By: Representatives Newton of the 127th, Dickey of the 134th, Williamson of the 112th, Ford of the 170th, and Buckner of the 137th

A BILL TO BE ENTITLED

AN ACT

To amend Article 1 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to general provisions relative to ad valorem taxation of property, so as to provide for an extension of preferential assessment periods for certain historic properties; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Article 1 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to general provisions relative to ad valorem taxation of property, is amended in Code Section 48-5-7.2, relating to preferential assessment for rehabilitated historic property, by revising paragraph (4) of subsection (h) as follows:

"(4) The expiration of nine years during which the property was classified and assessed as rehabilitated historic property; provided, however, that any such property may qualify thereafter as rehabilitated historic property if such property is subject to subsequent rehabilitation and qualifies under the provisions of this Code section; provided, further, that, if approved by the governing authority of the county, the classification and assessment under this Code section may continue for a period of up to an additional 12 years for income-producing real property."

SECTION 2.

Said article is further amended in Code Section 48-5-7.3, relating to preferential assessment for landmark historic property, by revising subparagraph (e)(1)(E) as follows: "(E) The expiration of nine years during which the property was classified and assessed as landmark historic property; provided, however, that any such property may qualify thereafter as landmark historic property if such property is subject to subsequent rehabilitation and qualifies under other portions of the historic properties tax incentive program contained within the provisions of this Code section; provided, further, that, if approved by the governing authority of the county, the classification and assessment under this Code section may continue for a period of up to an additional 12 years for income-producing real property."

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.