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HB 0498 - Ad valorem tax; foreclosure sales; determination of fair market value; provide

Tracking Level: Work
Sponsor: Lunsford,John 110th
Last Action: 2/19/2009 - House Second Readers
House Committee: W&M
Assigned To:
Finance - TaxationNext Bill

Staff Analysis of the Legislation

SUMMARY:

            This bill would amend Article 1 of Chapter 5 of the O.C.G.A. to make the sales price of foreclosure and distressed sales the fair market value of the homes.  Therefore, when all comparable properties would be re-assessed, the foreclosure and distressed sales fair market value would be used for comparative value for re-assessment purposes.


Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text