Georgia CommonsHR 1244: Ad valorem tax; business enterprises; rate of assessment of 1,000 or more single family residential properties used for rental income; provisions - CA
Introduced version, the latest LegiScan holds · Last action February 9, 2026 · Introduced
The text as LegiScan holds it, read from the PDF the legislature publishes with its margin line numbers, running heads, and page footers removed. Line breaks are joined into paragraphs here; no word is changed.
Underlined words are what the resolution adds to current law and struck-through words are what it removes, as the printed resolution shows them.
House Resolution 1244
By: Representatives McCollum of the 30th, Oliver of the 84th, Olaleye of the 59th, Panitch of the 51st, Gullett of the 19th, and others
A RESOLUTION
Proposing an amendment to the Constitution of the State of Georgia so as to provide that any business enterprise, including, but not limited to, private equity, having an interest in 1,000 or more single-family residential properties within this state used primarily for purposes of generating rental income shall be subject to an ad valorem tax assessment of 100 percent; to provide for the subclassification of business enterprise property for ad valorem taxation purposes; to require that any proceeds from the ad valorem taxation of business enterprise property be used to reduce the ad valorem property tax bill on homesteads in the taxing jurisdiction within which such business enterprise property is located before such proceeds may be used for any other purpose; 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 1,000 or more 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 may provide by general law for definitions of the terms 'affiliate,' 'business enterprise,' 'business enterprise property,' 'homestead,' and any other terms necessary to effectuate the terms of this subparagraph.
(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; provided, however, that the proceeds from any tax collected on such property shall be used to reduce the ad valorem property tax bill on homesteads in the taxing jurisdiction within which the business enterprise property is located before such proceeds may be used for any other purpose.
(2) The only 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;
(B) Provide for a separate system by which to appeal appraisals of and determinations made related to business enterprise property;
(C) Require that any proceeds collected from an ad valorem tax on business enterprise property be primarily used to reduce the ad valorem property tax bill on homesteads in the taxing jurisdiction; and
(D) Provide for penalties and other means of enforcement."
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 provide that any business enterprise, including, but not limited to, private equity, having an ( ) NO interest in 1,000 or more single-family residential properties within this state used primarily for purposes of generating rental income shall be subject to an ad valorem tax assessment of 100 percent, the proceeds of which would be required to be used to reduce Georgians' residential property taxes?" 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.