HR1472: HR1472 General Assembly; assessment and taxation of affordable housing use property; provide - CA

26 LC 44 3379 House Resolution 1472 By: Representatives Lim of the 98th, Lupton of the 83rd, Wilkerson of the 38th, and Carpenter of the 4th A RESOLUTION Proposing an amendment to the Constitution so as to provide for assessment and taxation of1 affordable housing use property; to provide for definitions, me thods of assessment and2 taxation, and conditions; to provide for related matters; to provide for the submission of this3 amendment for ratification or rejection; and for other purposes.4 BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Article VII, Section I, Paragraph III of the Constitution is am ended by adding a new7 paragraph to read as follows:8 "(i) The General Assembly shall provide by general law for definitions and methods of9 assessment and taxation of 'affordable home use property' to be limited to property10 intended to be used for private single-family residential occupancy not to exceed five acres11 and to be sold to a single low-income family owner. Such metho ds of assessment and12 taxation shall be subject to the following conditions:13 (1) A property owner desiring the benefit of such methods of assessment and taxation14 shall be required to enter into a covenant to control, either d irectly or indirectly, the15 purchase price of residential housing for the primary purpose o f providing that the16 housing remains affordable to lower income households; and17 H. R. 1472 - 1 - 26 LC 44 3379 (2) A breach of such covenant within ten years shall result in a recapture of the tax18 savings resulting from such methods of assessment and taxation and may result in other19 appropriate penalties."20 SECTION 2.21 The above proposed amendment to the Constitution shall be publi shed and submitted as22 provided in Article X, Section I, Paragraph II of the Constitution. The ballot submitting the23 above proposed amendment shall have written or printed thereon the following:24 "( ) YES25 ( ) NO 26 Shall the Constitution of Georgia be amended so as to provide f or the assessment and taxation of affordable housing use property?" All persons desiring to vote in favor of ratifying the proposed amendment shall vote "Yes."27 All persons desiring to vote against ratifying the proposed amendment shall vote "No." If28 such amendment shall be ratified as provided in said Paragraph of the Constitution, it shall29 become a part of the Constitution of this state.30 H. R. 1472 - 2 -