Friday, January 8, 2016

State representative files bill to cap property assessments

Property tax assessments in Georgia could be capped to increase by no more than 7.5 percent over any three-year period and no more than 2.5 percent in one year if House Resolution 965 passes during the upcoming legislative session. Rep. Brad Raffensperger’s (R-Johns Creek) bill would create a proposed constitutional amendment to be voted on statewide. An assessment cap has also been supported by Sen. Fran Millar (R-DeKalb) who has been influential in property assessment legislation in the General Assembly. Under HR 965, voters would have to approve a local assessment cap referendum as well in order for the cap to take effect locally. If the property is sold, transferred, or the owner has major work done on the property, there is no cap and the property is assessed on the basis of its fair market value. The proposal resembles California’s Proposition 13 which locked in property values at their value in 1978 while allowing for growth in inflation.

1 comment:

  1. Hi Russ. Thanks for sharing this valuable information. I'm really hoping that the cap increase will be implemented as these numbers are no joke. Not only will the property increase its value, but there's a great chance that property tax of a person may be reduced as well.