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New Georgia Law Changes Property Tax Assessment Procedure

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Georgia recently passed “The Property Tax Assessment and Appeals Reform Bill” (Senate Bill 346) on June 7, 2010.

Highlights include:

1.  Every property owner will receive an Annual Notice of Assessment and the right to appeal;

2.  Every Notice of Assessment must contain the estimated property tax (in dollars);

3.  Appeal period has been extended to 45 days;

4.  Alternative streamlined appeal option for properties valued over $1,000,000;

5.  Automatic taxpayer victory on appeals when government fails to respond within 45 days;

6.  Requirement that all relevant sales, including distress sales, be included when determining Fair Market Value (FMV);

7.  Requirement that only “current use of property” be used in determining FMV;

8.  Taxpayer must be given access to all data used in determining FMV;

9.  Sales price establishes FMV for next tax year.

Remember that a reduction in the assessment does not always reduce the actual bill.  Other factors such as the millage rate, homestead exemption, and other exemptions will also affect the final tax bill amount.

Georgia State Senate Website

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