Property Taxes are Changing in Georgia
Posted: February 27th, 2008
Category: real estate news
Property Tax Assessment Freeze Passes 48-7
A proposed Constitutional Amendment by Senator Chip Rogers which would freeze property tax assessments statewide passed the full Senate on Tuesday. Senate Resolution 796 received bi-partisan approval and passed by a vote of 48-7.
"This legislation will bring desperately needed predictability to the property tax system. Currently Georgia property owners are subject to drastic increases in property taxes based upon the actions of their neighbors. Such a tax system is inherently unfair and demands change" said Senator Chip Rogers.
Senate Resolution 796 would freeze all property values at the 2008 assessed amount and allow for annual increases not to exceed 2% for residential property and 3% for non-residential property. The measure will require a super-majority 2/3 vote in the House. It would then be placed on the ballot in November for voter approval.
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$95 Million Property Tax Cut Measure Wins Senate Approval
The Georgia Senate has passed, by a vote of 49-4, a Constitutional Amendment (SR 859) from Senator Chip Rogers which would eliminate the state portion of the Property Tax.
Currently the state collects a one quarter mill ad valorem tax on most property in Georgia. If passed by voters in November, the tax would be eliminated saving Georgians about $95 Million in property taxes during 2010 and increasing yearly after that.
"The state of Georgia really has no business taxing property. Once a person has purchased property the state should have no claim to it." said Senator Chip Rogers, the sponsor of the bill. "This measure will also mean that hard-working Georgians get to keep more of the money they earn. I am certain that those who earned the money will know far better how to spend it than the government."
SR 859
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My thoughts on the tax freeze are …
Isn’t it interesting that our legislators are now freezing our taxes when assessments are at there highest levels in history.
Tax assessments in Georgia are supposed to be at or very near actual market value. Assessors typically increase existing tax values by a percentage estimate to meet the requirements of state law. I wonder if they are considering reducing our assessments given current market conditions. If one owns a developed residential lot in the South Cherokee County sub-market, there is a good chance it is worth up to 50% less than it was last year.
Our school board and many mayors have come out against this tax freeze. However, the proverbial 300 pound gorilla in the room that they are ignoring, is what would happen if property owners filed appeals to reduce their taxes in mass?
Excellent points Larry. However, I do feel that real estate will rebound and hopefully appreciation will outpace the 2% per annum increase in taxes. But you do raise a great point about the timing of this legislation and the problem appeals could create.
Thanks for your participation in the community.