Ad Valorem Taxation of Property; extension of preferential assessment periods for certain historic properties; provide
Impact
The implications of this bill are significant for property owners of historic sites in Georgia. It encourages the rehabilitation of historic properties by providing financial incentives through extended tax breaks. Local governments will gain more authority to determine the continued qualification of properties for preferential assessment, potentially leading to increased investment in historic preservation. This bill may bolster the local economy by incentivizing the maintenance and restoration of historic buildings, which can attract tourism and increase property values.
Summary
Senate Bill 24 proposes amendments to the ad valorem taxation of property in Georgia, specifically targeting the preferential assessment of historic properties. The bill introduces extensions for the assessment periods applicable to certain historic properties, allowing these properties to qualify as rehabilitated or landmark historic properties for a longer duration. Under the current regulation, properties classified and assessed under these categories are subject to a maximum expiration of nine years. SB24 seeks to extend this period with the possibility of an additional twelve years if the property remains income-producing, contingent upon approval by the county's governing authority.
Contention
While the bill is intended to support the conservation of historic properties, it may raise concerns regarding the impact on state revenues and equitable taxation. Lawmakers may debate the balance between providing tax incentives for property owners and ensuring that such measures do not disproportionately affect local government funding. Some critics may voice concerns that extending preferential assessment periods could lead to a loss of expected tax revenue that could otherwise support community services.
Notable_points
The bill reflects a broader trend in state legislation aiming to promote historical preservation while acknowledging the financial dimensions of property ownership. With this legislative proposal, supporters argue that enhanced tax incentives will rejuvenate neglected historic sites, whereas opponents may prioritize equitable tax contributions from all property owners, including those holding historic properties.