| 1 | 1 | | 25 LC 44 2898 |
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| 2 | 2 | | Senate Bill 24 |
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| 3 | 3 | | By: Senators Burns of the 23rd, Hufstetler of the 52nd, Hodges of the 3rd, Kennedy of the |
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| 4 | 4 | | 18th, Brass of the 6th and others |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | To amend Article 1 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, |
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| 8 | 8 | | 1 |
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| 9 | 9 | | relating to general provisions relative to ad valorem taxation of property, so as to provide for2 |
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| 10 | 10 | | an extension of preferential assessment periods for certain historic properties; to provide for3 |
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| 11 | 11 | | related matters; to repeal conflicting laws; and for other purposes.4 |
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| 12 | 12 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 |
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| 13 | 13 | | SECTION 1.6 |
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| 14 | 14 | | Article 1 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to7 |
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| 15 | 15 | | general provisions relative to ad valorem taxation of property, is amended in Code8 |
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| 16 | 16 | | Section 48-5-7.2, relating to preferential assessment for rehabilitated historic property, by9 |
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| 17 | 17 | | revising paragraph (4) of subsection (h) as follows:10 |
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| 18 | 18 | | "(4) The expiration of nine years during which the property was classified and assessed11 |
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| 19 | 19 | | as rehabilitated historic property; provided, however, that any such property may qualify12 |
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| 20 | 20 | | thereafter as rehabilitated historic property if such property is subject to subsequent13 |
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| 21 | 21 | | rehabilitation and qualifies under the provisions of this Code section; provided, further, |
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| 22 | 22 | | 14 |
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| 23 | 23 | | that, if approved by the governing authority of the county, the classification and15 |
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| 24 | 24 | | S. B. 24 |
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| 25 | 25 | | - 1 - 25 LC 44 2898 |
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| 26 | 26 | | assessment under this Code section may continue for a period of up to an additional16 |
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| 27 | 27 | | 12 years for income-producing real property."17 |
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| 28 | 28 | | SECTION 2.18 |
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| 29 | 29 | | Said article is further amended in Code Section 48-5-7.3, relating to preferential assessment19 |
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| 30 | 30 | | for landmark historic property, by revising subparagraph (e)(1)(E) as follows:20 |
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| 31 | 31 | | "(E) The expiration of nine years during which the property was classified and assessed21 |
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| 32 | 32 | | as landmark historic property; provided, however, that any such property may qualify22 |
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| 33 | 33 | | thereafter as landmark historic property if such property is subject to subsequent23 |
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| 34 | 34 | | rehabilitation and qualifies under other portions of the historic properties tax incentive24 |
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| 35 | 35 | | program contained within the provisions of this Code section; provided, further, that,25 |
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| 36 | 36 | | if approved by the governing authority of the county, the classification and assessment26 |
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| 37 | 37 | | under this Code section may continue for a period of up to an additional 12 years for27 |
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| 38 | 38 | | income-producing real property."28 |
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| 39 | 39 | | SECTION 3.29 |
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| 40 | 40 | | All laws and parts of laws in conflict with this Act are repealed.30 |
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| 41 | 41 | | S. B. 24 |
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| 42 | 42 | | - 2 - |
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