SUMMARY:

            This bill would amend Code Section 48-5-311 of the O.C.G.A. to provide a remedy for property overvalued for tax purposes.

REQUIREMENTS:

• If after 5 years of an appeal on the value of a piece of property the taxpayer can prove that the property has been sold for an amount less than the value established as a result of the appeal, that taxpayer would be owed a refund.
• The refund would be the difference between:
• • The amount of taxes paid from the date of the appeal to the date of the sale; and
  • The amount of taxes otherwise would have been due if the property had been assessed at the sales price.
• The refund would have to be paid within 60 days or interest would begin to accrue on the amount owed.
• The bill would not apply if the taxpayer appeals to the superior court.

NOTES:

            In a time of falling property values and revenue shortfalls in so many counties and cities, this proposal could result in substantial losses to governmental services if property begins to sell before revenue at the state and local levels increases enough to remedy the shortfalls.