Bill > HB282

This bill modifies the definition of "current use value" for bona fide conservation use property in Georgia's tax code. Specifically, the bill clarifies that the current use value is the amount a knowledgeable buyer would pay for the property with the intention of continuing its existing use, as determined by the specifications in Code Section 48-5-269. The term "current use value" is important in property taxation because it allows land used for conservation purposes to be assessed at its current use value rather than its potential market development value, which can help preserve natural lands by reducing tax burdens for landowners who maintain their property in its current conservation state. The bill will become effective upon approval by the Governor or when it becomes law without such approval, and it repeals any existing laws that conflict with its provisions.

Budget and Finance

https://www.legis.ga.gov/legislation/69949