Bill > HB547

This bill modifies Georgia's property tax laws concerning conservation use property, which allows for preferential tax assessment on land used for conservation purposes. Key provisions include expanding the definition of bona fide conservation use property to include land used for carbon sequestration, a process where trees and soil absorb and store carbon dioxide from the atmosphere, often managed through programs like the Georgia Carbon Sequestration Registry. Additionally, the bill permits a single property owner who holds multiple conservation use properties under separate agreements, known as covenants, to combine them into one new ten-year covenant without penalty, provided all the land would otherwise qualify for renewal. It also clarifies that forest land assessed for conservation use can be transitioned to current use assessment after ownership changes, and establishes a 180-day window for owners to switch forest land conservation use property to a different conservation covenant if they acquire it. These changes are intended to streamline conservation efforts and tax benefits for landowners.

Budget and Finance

https://www.legis.ga.gov/legislation/70584