Georgia’s legislative session wrapped up on April 2, 2019. Only a few property tax bills made it through the 2019 session. Below is a summary of the significant property tax measures that are heading for Governor Kemp’s desk:
HB 183: This bill provides that a taxpayer’s failure to file a real property return does not affect a taxpayer’s right to appeal the assessment value of that property.
HB 405: The Freeport exemption exempts qualified goods held in inventory during the process of manufacturing. This bill expands the Freeport exemption to goods held by affiliates of the manufacturer/taxpayer and to inventory in the process of remanufacture (including the repair or modification of goods produced by the taxpayer)
HB 507: This bill changes language as it relates to the tax assessors application of the income approach to valuation by replacing ‘the income approach “shall be utilized” with “shall be considered.”
SB 216: This bill permits taxpayers to prepay annual property taxes when there is an agreement and resolution by the local governing authority and tax commissioner allowing prepayment.