27 Jul New Georgia Law changes Property Tax Assessment Procedure

New Georgia Law changes Property Tax Assessment Procedure

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.