Property Tax Reform Becomes Law
The overhaul of Georgia's property tax system became law when signed by Governor Sonny Perdue last Friday, June 4. As discussed previously on this blog, Senate Bill 346 is a taxpayer-friendly bill designed to create a more fair and transparent system of assessing property tax values.
As stated in the press release:
The overall reform includes more than 50 changes to current state law. Significant taxpayer friendly provisions include:
- Requirement that every property owner receive annual Notice of Assessment, which guarantees right to appeal;
- Every Notice of Assessment must contain estimated property tax
- Expansion of appeal time-period from 30 to 45 days
- Alternative streamlined appeal option for property valued in excess of $1,000,000
- Automatic taxpayer victory on appeals when government fails to respond within 45 days
- Requirement that all relevant sales, including distress sales, be included when determining Fair Market Value
- Requirement that only “current use of property” be used in determining Fair Market Value
- Taxpayer must be given access to all data used in determining Fair Market Value
- Sales price establishes Fair Market Value for next tax year
The full text of the new law, most of which goes into effect on January 1, 2011, can be viewed here.
