HR 1047: State government; rate of ad valorem tax assessment of a single family residential property; provisions - CA

House Resolution 1047

By: Representatives Kendrick of the 95th, Evans of the 57th, and Clark of the 108th

A RESOLUTION

Proposing an amendment to the Constitution of the State of Georgia so as to set the rate of the ad valorem tax assessment of a single-family residential property to 100 percent of its fair market value when such property is owned by a business enterprise with an interest in at least 100 single-family residential properties within this state which are used primarily for the purpose of generating rental income; to provide for the subclassification of business enterprise property for ad valorem taxation purposes; to provide for related matters; to provide for submission of this amendment for ratification or rejection; and for other purposes.

BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Article VII, Section I, Paragraph III of the Constitution is amended by adding a new subparagraph to read as follows:

"(f.2)(1)(A) The General Assembly shall be authorized by general law to establish a separate class of property for ad valorem taxation purposes that includes only tangible real property that is owned, wholly or partially, by a business enterprise that holds an interest in at least 100 single-family residential properties within this state which are used for the primary purpose of generating rental income; and meets such further requirements as may be prescribed by general law. Such property shall be known as 'business enterprise property.' The General Assembly shall provide by general law for definitions of the terms 'business enterprise' and 'single-family residential property.'

(B) Business enterprise property shall be assessed at 100 percent of its fair market value and shall be taxed on a levy made by each respective taxing jurisdiction according to 100 percent of the property's fair market value.

(2) The only two purposes authorized by the subclassification of business enterprise property as provided by this subparagraph shall be to allow the General Assembly by general law to:

(A) Provide that the Department of Revenue or its successor shall appraise business enterprise property at its fair market value using any combination of appraisal methodologies otherwise provided by general law for establishing the fair market value of real property, provided that such methodology is not subject to an exception authorized by subparagraph (b), (c), (d), (e), (f), (f.1), or (g) of this Paragraph; and

(B) Authorize the General Assembly to provide for a separate system by which to appeal appraisals of and determinations made related to business enterprise property."

SECTION 2.

The above proposed amendment to the Constitution shall be published and submitted as provided in Article X, Section I, Paragraph II of the Constitution. The ballot submitting the above proposed amendment shall have written or printed thereon the following: "( ) YES Shall the Constitution of Georgia be amended so as to set the rate of the ad valorem tax assessment of a single-family residential property to 100 percent ( ) NO of its fair market value when such property is owned by a business enterprise with an interest in at least 100 single-family residential properties within this state which are used primarily for the purpose of generating rental income?" All persons desiring to vote in favor of ratifying the proposed amendment shall vote "Yes." All persons desiring to vote against ratifying the proposed amendment shall vote "No." If such amendment shall be ratified as provided in said Paragraph of the Constitution, it shall become a part of the Constitution of this state.