Bill > SB24

This bill modifies Georgia's tax code to extend preferential assessment periods for historic properties. Specifically, the bill allows counties to approve an additional 12-year period of preferential tax assessment for income-producing historic properties, beyond the existing nine-year initial assessment period. This applies to two types of historic properties: rehabilitated historic properties and landmark historic properties. Under current law, these properties receive a special tax classification for nine years after rehabilitation, after which they can potentially requalify if further rehabilitation occurs. The new provision gives county governing authorities the discretion to extend the preferential tax assessment for an extra 12 years, but only for properties that generate income. This change could provide additional financial incentives for property owners to preserve and restore historic buildings, particularly those that can generate revenue through commercial or rental use.

Budget and Finance

https://www.legis.ga.gov/legislation/69476