SUMMARY:  

            This bill would amend Code Section 48-5-2 of O.C.G.A. to change the factors to be considered in determining Fair Market Value of real property.  It adds foreclosure or bank owned sales of comparable real property to the factors to be considered in determining fair market value.

NOTE:

• Inclusion of foreclosures could dramatically reduce the tax digest of a number of counties and municipalities in Georgia thereby reducing the funding capabilities of those entities and the boards of education within them at a time when they are already greatly stressed.