| 6 | 5 | | A BILL TO BE ENTITLED |
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| 7 | 6 | | AN ACT |
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| 8 | 7 | | To amend Code Section 48-5-7.4 of the Official Code of Georgia Annotated, relating to |
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| 9 | 8 | | 1 |
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| 10 | 9 | | preferential assessment for bona fide conservation use property and bona fide residential2 |
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| 11 | 10 | | transitional property, so as to increase the maximum acreage to qualify for assessment and3 |
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| 12 | 11 | | taxation as a bona fide conservation use property; to provide for related matters; to provide4 |
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| 13 | 12 | | for a contingent effective date and automatic repeal; to repeal conflicting laws; and for other5 |
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| 14 | 13 | | purposes.6 |
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| 15 | 14 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7 |
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| 16 | 15 | | SECTION 1.8 |
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| 17 | 16 | | Code Section 48-5-7.4 of the Official Code of Georgia Annotated, relating to preferential9 |
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| 18 | 17 | | assessment for bona fide conservation use property and bona fide residential transitional10 |
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| 19 | 18 | | property, is amended by revising the introductory language of paragraph (1) of11 |
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| 20 | 19 | | subsection (a), division (a)(1)(A.1)(ii), the introductory language of paragraph (2) of12 |
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| 21 | 20 | | subsection (a), paragraph (3) of subsection (b), and subsections (e) and (r) as follows:13 |
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| 22 | 21 | | "(a) For purposes of this article, the term 'bona fide conservation use property' means14 |
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| 23 | 22 | | property described in and meeting the requirements of paragraph (1) or (2) of this15 |
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| 24 | 23 | | subsection, as follows:16 |
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| 25 | 24 | | S. B. 45 |
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| 26 | 25 | | - 1 - 25 LC 44 2941 |
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| 27 | 26 | | (1) Not more than 2,000 acres 4,000 acres of tangible real property of a single person,17 |
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| 28 | 27 | | the primary purpose of which is any good faith production, including but not limited to18 |
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| 29 | 28 | | subsistence farming or commercial production, from or on the land of agricultural19 |
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| 30 | 29 | | products or timber, subject to the following qualifications:20 |
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| 31 | 30 | | (A) Such property includes the value of tangible property permanently affixed to the21 |
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| 32 | 31 | | real property which is directly connected to such owner's production of agricultural22 |
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| 33 | 32 | | products or timber and which is devoted to the storage and processing of such23 |
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| 34 | 33 | | agricultural products or timber from or on such real property;24 |
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| 35 | 34 | | (A.1) In the application of the limitation contained in the introductory language of this25 |
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| 36 | 35 | | paragraph, the following rules shall apply to determine beneficial interests in bona fide26 |
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| 37 | 36 | | conservation use property held in a family owned farm entity as described in27 |
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| 38 | 37 | | division (1)(C)(iv) of this subsection:28 |
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| 39 | 38 | | (i) A person who owns an interest in a family owned farm entity as described in29 |
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| 40 | 39 | | division (1)(C)(iv) of this subsection shall be considered to own only the percent of30 |
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| 41 | 40 | | the bona fide conservation use property held by such family owned farm entity that31 |
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| 42 | 41 | | is equal to the percent interest owned by such person in such family owned farm32 |
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| 43 | 42 | | entity; and33 |
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| 44 | 43 | | (ii) A person who owns an interest in a family owned farm entity as described in34 |
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| 45 | 44 | | division (1)(C)(iv) of this subsection may elect to allocate the lesser of any unused35 |
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| 46 | 45 | | portion of such person's 2,000 acre 4,000 acre limitation or the product of such36 |
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| 47 | 46 | | person's percent interest in the family owned farm entity times the total number of37 |
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| 48 | 47 | | acres owned by the family owned farm entity subject to such bona fide conservation38 |
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| 49 | 48 | | use assessment, with the result that the family owned farm entity may receive bona39 |
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| 50 | 49 | | fide conservation use assessment on more than 2,000 acres 4,000 acres;"40 |
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| 51 | 50 | | "(2) Not more than 2,000 acres 4,000 acres of tangible real property, excluding the value41 |
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| 52 | 51 | | of any improvements thereon, of a single owner of the types of environmentally sensitive42 |
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| 53 | 52 | | property specified in this paragraph and certified as such by the Department of Natural43 |
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| 54 | 53 | | S. B. 45 |
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| 55 | 54 | | - 2 - 25 LC 44 2941 |
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| 56 | 55 | | Resources, if the primary use of such property is its maintenance in its natural condition |
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| 57 | 56 | | 44 |
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| 58 | 57 | | or controlling or abating pollution of surface or ground waters of this state by storm-water45 |
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| 59 | 58 | | runoff or otherwise enhancing the water quality of surface or ground waters of this state46 |
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| 60 | 59 | | and if such owner meets the qualifications of subparagraph (C) of paragraph (1) of this47 |
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| 61 | 60 | | subsection, subject to the following qualifications |
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| 62 | 61 | | :"48 |
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| 63 | 62 | | "(3) No property shall qualify as bona fide conservation use property if such current use49 |
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| 64 | 63 | | assessment would result in any person who has a beneficial interest in such property,50 |
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| 65 | 64 | | including any interest in the nature of stock ownership, receiving in any tax year any51 |
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| 66 | 65 | | benefit of current use assessment as to more than 2,000 acres 4,000 acres. If any taxpayer52 |
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| 67 | 66 | | has any beneficial interest in more than 2,000 acres 4,000 acres of tangible real property53 |
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| 68 | 67 | | which is devoted to bona fide conservation uses, such taxpayer shall apply for current use54 |
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| 69 | 68 | | assessment only as to 2,000 acres 4,000 acres of such land;"55 |
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| 70 | 69 | | "(e) A single owner shall be authorized to enter into more than one covenant under this56 |
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| 71 | 70 | | Code section for bona fide conservation use property, provided that the aggregate number57 |
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| 72 | 71 | | of acres of qualified property of such owner to be entered into such covenants does not58 |
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| 73 | 72 | | exceed 2,000 acres 4,000 acres. Any such qualified property may include a tract or tracts59 |
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| 74 | 73 | | of land which are located in more than one county. A single owner shall be authorized to60 |
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| 75 | 74 | | enter qualified property in a covenant for bona fide conservation use purposes and to enter61 |
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| 76 | 75 | | simultaneously the residence located on such property in a covenant for bona fide62 |
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| 77 | 76 | | residential transitional use if the qualifications for each such covenant are met. A single63 |
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| 78 | 77 | | owner shall be authorized to enter qualified property in a covenant for bona fide64 |
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| 79 | 78 | | conservation use purposes and to enter other qualified property of such owner in a covenant65 |
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| 80 | 79 | | for bona fide residential transitional use."66 |
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| 81 | 80 | | "(r) Property which is subject to current use assessment under this Code section shall be67 |
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| 82 | 81 | | separately classified from all other property on the tax digest; and such separate68 |
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| 83 | 82 | | classification shall be such as will enable any person examining the tax digest to ascertain69 |
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| 84 | 83 | | readily that the property is subject to current use assessment under this Code section.70 |
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| 85 | 84 | | S. B. 45 |
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| 86 | 85 | | - 3 - 25 LC 44 2941 |
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| 87 | 86 | | Covenants shall be public records and shall be indexed and maintained in such manner as |
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| 88 | 87 | | 71 |
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| 89 | 88 | | will allow members of the public to locate readily the covenant affecting any particular72 |
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| 90 | 89 | | property subject to current use assessment under this Code section. Based on information73 |
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| 91 | 90 | | submitted by the county boards of tax assessors, the commissioner shall maintain a central74 |
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| 92 | 91 | | registry of conservation use property, indexed by owners, so as to ensure that the 2,000 |
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| 93 | 92 | | 75 |
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| 94 | 93 | | acre 4,000 acre limitations of this Code section are complied with on a state-wide basis."76 |
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| 95 | 94 | | SECTION 2.77 |
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| 96 | 95 | | This Act shall become effective on January 1, 2027, only if an amendment to the78 |
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| 97 | 96 | | Constitution increasing the maximum acreage to qualify for assessment and taxation as a79 |
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| 98 | 97 | | bona fide conservation use property is ratified by the voters at the November, 2026,80 |
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| 99 | 98 | | state-wide general election. If such an amendment is not so ratified, then this Act shall not81 |
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| 100 | 99 | | become effective and shall stand repealed on January 1, 2027.82 |
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| 101 | 100 | | SECTION 3.83 |
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| 102 | 101 | | All laws and parts of laws in conflict with this Act are repealed.84 |
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| 103 | 102 | | S. B. 45 |
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| 104 | 103 | | - 4 - |
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