HR1392: HR1392 Ad valorem tax; qualified low-income building projects may be classified as a separate class of property; provide - CA

26 LC 44 3377 House Resolution 1392 By: Representatives Blackmon of the 146th and Leverett of the 123rd A RESOLUTION Proposing an amendment to the Constitution so as to provide tha t qualified low-income1 building projects may be classified as a separate class of property for ad valorem property2 tax purposes, and different rates, methods, and assessment dates may be provided for such3 building projects; to provide for the submission of this amendm ent for ratification or4 rejection; and for other purposes.5 BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Article VII, Section I, Paragraph III of the Constitution is am ended by revising8 subparagraph (b) as follows:9 "(b)(1) Except as otherwise provided in this subparagraph (b), classes of subjects for10 taxation of property shall consist of tangible property and one or more classes of11 intangible personal property including money; provided, however, that any taxation of12 intangible personal property may be repealed by general law wit hout approval in a13 referendum effective for all taxable years beginning on or after January 1, 1996.14 (2) Subject to the conditions and limitations specified by law, each of the following types15 of property may be classified as a separate class of property for ad valorem property tax16 H. R. 1392 - 1 - 26 LC 44 3377 purposes and different rates, methods, and assessment dates may be provided for such17 properties:18 (A) Trailers.;19 (B) Mobile homes other than those mobile homes which qualify the owner of the home20 for a homestead exemption from ad valorem taxation.;21 (C) Heavy-duty equipment motor vehicles owned by nonresidents and operated in this22 state.; and23 (D) Qualified low-income housing projects as such term is defi ned in 26 U.S.C.24 Section 42(g)(1).25 (3) Motor vehicles may be classified as a separate class of pr operty for ad valorem26 property tax purposes, and such class may be divided into separ ate subclasses for ad27 valorem purposes. The General Assembly may provide by general law for the ad28 valorem taxation of motor vehicles including, but not limited to, providing for different29 rates, methods, assessment dates, and taxpayer liability for such class and for each of its30 subclasses and need not provide for uniformity of taxation with other classes of property31 or between or within its subclasses. The General Assembly may also determine what32 portion of any ad valorem tax on motor vehicles shall be retained by the state. As used33 in this subparagraph, the term 'motor vehicles' means all vehic les which are34 self-propelled."35 SECTION 2.36 The above proposed amendment to the Constitution shall be publi shed and submitted as37 provided in Article X, Section I, Paragraph II of the Constitution. The ballot submitting the38 above proposed amendment shall have written or printed thereon the following:39 H. R. 1392 - 2 - 26 LC 44 3377 "( ) YES40 ( ) NO41 42 43 Shall the Constitution of Georgia be amended so as to provide that qualified low-income housing projects may be classified as a separate cla ss of property for ad valorem property tax purposes, and different rates, methods, and assessment dates may be provided for such building projects?" All persons desiring to vote in favor of ratifying the proposed amendment shall vote "Yes."44 All persons desiring to vote against ratifying the proposed amendment shall vote "No." If45 such amendment shall be ratified as provided in said Paragraph of the Constitution, it shall46 become a part of the Constitution of this state.47 H. R. 1392 - 3 -