HB1240: HB1240 Local government; total ad valorem tax digest limitation upon creating new tax allocation districts shall also apply to the renewal of existing tax allocation districts; provide

26 LC 47 3889 House Bill 1240 By: Representatives Martin of the 49th, Cox of the 28th, Kelley of the 16th, Hilton of the 48th, and Cannon of the 172nd A BILL TO BE ENTITLED AN ACT To amend Chapter 44 of Title 36 of the Official Code of Georgia Annotated, relating to1 redevelopment powers, so as to provide that the total ad valorem tax digest limitation upon2 creating new tax allocation districts shall also apply to the renewal of existing tax allocation3 districts; to provide for related matters; to repeal conflicting laws; and for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Chapter 44 of Title 36 of the Official Code of Georgia Annotated, relating to redevelopment7 powers, is amended by revising Code Section 36-44-17, relating to limitation on creation of8 tax allocation district, as follows:9 "36-44-17.10 No political subdivision may create or renew a tax allocation district when the total current11 taxable value of property subject to ad valorem property taxes within the proposed new or12 renewed district plus the total current taxable value of property subj ect to ad valorem13 property taxes within all its existing tax allocation districts exceeds 10 percent of the total14 current taxable value of all taxable property located within th e area of operation of the15 political subdivision."16 H. B. 1240 - 1 - 26 LC 47 3889 SECTION 2.17 All laws and parts of laws in conflict with this Act are repealed.18 H. B. 1240 - 2 -