Bill Text: GA HB140 | 2011-2012 | Regular Session | Introduced

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Bill Title: Ad valorem tax; property; change certain definitions

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-02-03 - House Second Readers [HB140 Detail]

Download: Georgia-2011-HB140-Introduced.html

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11 LC 18 9592

House Bill 140

By: Representative Knight of the 126th

A BILL TO BE ENTITLED
AN ACT

To amend Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to ad valorem taxation of property, so as to change certain definitions regarding such taxation; to provide an effective date; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to ad valorem taxation of property, is amended in Code Section 48-5-2, relating to definitions regarding such taxation, by revising paragraph (1) as follows:

"(1) 'Current use value' of bona fide conservation use property means the amount a knowledgeable buyer would pay for the property with the intention of continuing the property in its existing use and in an arm's length, bona fide sale and shall be determined in accordance with the specifications and criteria provided for in subsection (b) of Code Section 48-5-269."

SECTION 2.

This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval.

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.