HR1047: HR1047 State government; rate of ad valorem tax assessment of a single family residential property; provisions - CA

26 LC 60 0217 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 of1 the ad valorem tax assessment of a single-family residential property to 100 percent of its fair2 market value when such property is owned by a business enterprise with an interest in at least3 100 single-family residential properties within this state whic h are used primarily for the4 purpose of generating rental income; to provide for the subclas sification of business5 enterprise property for ad valorem taxation purposes; to provid e for related matters; to6 provide for submission of this amendment for ratification or re jection; and for other7 purposes.8 BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:9 SECTION 1.10 Article VII, Section I, Paragraph III of the Constitution is am ended by adding a new11 subparagraph to read as follows:12 "(f.2)(1)(A) The General Assembly shall be authorized by genera l law to establish a13 separate class of property for ad valorem taxation purposes that includes only tangible14 real property that is owned, wholly or partially, by a business enterprise that holds an15 interest in at least 100 single-family residential properties w ithin this state which are16 used for the primary purpose of generating rental income; and m eets such further17 H. R. 1047 - 1 - 26 LC 60 0217 requirements as may be prescribed by general law. Such propert y shall be known as18 'business enterprise property.' The General Assembly shall provide by general law for19 definitions of the terms 'business enterprise' and 'single-family residential property.'20 (B) Business enterprise property shall be assessed at 100 perc ent of its fair market21 value and shall be taxed on a levy made by each respective taxi ng jurisdiction22 according to 100 percent of the property's fair market value.23 (2) The only two purposes authorized by the subclassification of business enterprise24 property as provided by this subparagraph shall be to allow the General Assembly by25 general law to:26 (A) Provide that the Department of Revenue or its successor sh all appraise business27 enterprise property at its fair market value using any combinat ion of appraisal28 methodologies otherwise provided by general law for establishing the fair market value29 of real property, provided th at such methodology is not subject to an exception30 authorized by subparagraph (b), (c), (d), (e), (f), (f.1), or (g) of this Paragraph; and31 (B) Authorize the General Assembly to provide for a separate s ystem by which to32 appeal appraisals of and determinations made related to business enterprise property."33 SECTION 2.34 The above proposed amendment to the Constitution shall be publi shed and submitted as35 provided in Article X, Section I, Paragraph II of the Constitution. The ballot submitting the36 above proposed amendment shall have written or printed thereon the following:37 "( ) YES38 39 ( ) NO 40 41 42 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 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?" H. R. 1047 - 2 - 26 LC 60 0217 All persons desiring to vote in favor of ratifying the proposed amendment shall vote "Yes."43 All persons desiring to vote against ratifying the proposed amendment shall vote "No." If44 such amendment shall be ratified as provided in said Paragraph of the Constitution, it shall45 become a part of the Constitution of this state.46 H. R. 1047 - 3 -