Bill > HB526

This bill extends the preferential property tax assessment periods for certain historic properties in Georgia. Specifically, it amends existing tax laws to allow counties to approve an additional 12-year tax assessment period for income-producing historic properties that have already undergone rehabilitation. The bill modifies two sections of the Georgia tax code: one dealing with rehabilitated historic properties and another dealing with landmark historic properties. Under the current law, properties receive a preferential tax assessment for nine years after rehabilitation, after which they may only requalify if they undergo subsequent rehabilitation. The new provisions would allow counties to extend the preferential assessment period for an additional 12 years for income-producing properties, during which the property's fair market value would continue to be calculated using a special method that likely provides a more favorable tax valuation. This extension is optional and must be approved by the county's governing authority, giving local governments flexibility in implementing the tax assessment approach for historic properties.

Budget and Finance

https://www.legis.ga.gov/legislation/70506