RSS Feed |
|
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
|
|||||||||||||||||||||||||||||||||||||||
|
Tax reform bills pass the Senate The State Senate passed two Constitutional Amendments Tuesday that will freeze property taxes at the 2008 rates until the property is sold. The Senate, with broad bi-partisan support, voted to send both Constitutional Amendments to the House for consideration. Each piece of legislation proposes an amendment to the Constitution to require the freezing of existing real property values at the time the owner acquires the property. Any valuation increases thereafter would be subject to limitations. Once a property is transferred or sold to another person, that property will be appraised at its fair market value on the date of the new owner's acquisition. Any increase in the assessment could not exceed an inflation per- centage set by the Department of Revenue for the current tax year. Under Senate Resolution 796, authored by Sen. Chip Rogers (R-Woodstock), the assessed value of residential and non-residential property for all ad valorem tax purposes can be increased only by two percent each year from its 2009 valuation for residential property and three percent for non-residential. "Georgians work hard to purchase a home or business and then the property tax shoots up for no other reason than the neighbor next door sold their land," Sen. Rogers said. "This legislation offers a more predictable method for property taxes. No longer will we have to fear the unknown of our yearly property tax bill." Senate Resolution 686, authored by Senate President Pro Tempore Eric Johnson (R-Savannah), provides a sliding homestead exemption for residential property which, in essence, freezes property taxes until the home is sold. "More than three dozen communities already have this useful tool that prevents backdoor tax hikes on our homes. This will provide a tax freeze on residential property if affirmed by the voters this fall," Sen. Johnson said.
If approved by two-thirds of the Senate and House, either of the measures may appear on the ballot in 2008 as a "yes/no" question for the voters. The amendments will give Georgia citizens the opportunity to voice their opinion on how their property values are determined.
|
for larger version       |
|||||||||||||||||||||||||||||||||||||||
