Bill > HB281

This bill updates the definition of "current use value" for bona fide conservation use property in Georgia's tax code. Specifically, the bill defines "current use value" as the amount a knowledgeable buyer would pay for the property with the intention of continuing its existing use, as determined through an arm's length, bona fide sale, and in accordance with specific criteria outlined in another section of Georgia's tax code. The term "bona fide conservation use property" refers to land being used for conservation purposes, and the bill's definition aims to provide a more precise method for assessing the property's value for tax purposes. The bill will become effective upon the Governor's approval or when it automatically becomes law, and it repeals any conflicting laws to ensure clarity in the implementation of the new definition.

Budget and Finance

https://www.legis.ga.gov/legislation/69948