Bill > HB142

This bill modifies two existing Georgia tax laws related to historic properties by extending the potential preferential assessment periods for income-producing real properties. Specifically, the bill allows county governing authorities to approve an additional 12-year period of preferential tax assessment for rehabilitated historic properties and landmark historic properties, beyond the current nine-year initial assessment period. Ad valorem tax (a tax calculated based on the assessed value of property) currently provides special tax treatment for historic properties that undergo rehabilitation, and this bill provides more flexibility for income-producing historic properties by potentially extending their tax incentive period. Under the current law, properties lose their preferential tax classification after nine years, but this bill would enable counties to approve a continued preferential assessment for up to an additional 12 years if the property remains an income-producing real property that meets the existing qualification requirements. The change aims to provide longer-term tax incentives for property owners who invest in rehabilitating and maintaining historic properties, potentially encouraging more historic preservation and economic development.

Budget and Finance

https://www.legis.ga.gov/legislation/69564