Property Tax Reform Bill (SB 346)
The Governor signed Senate Bill 346, the comprehensive tax reform bill, on June 4, 2010.
The major provisions of this bill are outlined below:
Requires annual assessment notices sent to all properties
Authorizes the creation of regional boards of equalization
Requires an estimate of the tax liability on the assessment notice
Requires DOR to create a uniform appeal form
Requires members of the Boards of Equalization (BOE) to take a written oath of duty
Requires the BOE to render a decision on an appeal within 12 months of receiving an appeal if no extensions are granted
Gives the Superior Court Clerk responsibility for oversight of the BOE
Grants appeal rights to a new property owner who makes a purchase before assessment notices are sent
Requires DOR to update their training for tax officials and make it available online
Authorizes non-homestead properties exceeding $1 million in value to have their appeal heard by a licensed appraiser instead of the BOE
Eliminates the non-binding arbitration appeal option
Makes the real property tax return optional
Defines "arm's length, bona fide sale" and "distress sale"
Requires the sale price to be used as the fair market value in the year following the sale
Exempts counties from the 1/4 mill recovery and $5 parcel penalties during the assessment increase moratorium
Includes the property tax paid to other governments when making refunds
Authorizes installment billings
Clarifies that only the maintenance and operations millage rate is used for purposes of calculating the rollback rate under Taxpayer Bill of Rights.
Eliminates the 3% and 5% threshold for appeals to get the county digest approved
Authorizes the Board of Tax Assessors (BOA) to correct factual errors in the tax digest within 3 years
Georgia Department of Revenue Overview of SB 346 (pdf)