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Georgia bill would let counties value property at purchase price; opponents warn of commercial freeze
Summary
A proposed constitutional amendment would let counties optionally set property value at the last purchase price until sale, proponents say it would increase transparency; county associations and municipal groups raised concerns about commercial and industrial property freezes and millage pressure.
Representative Stan Washburn presented House Resolution 250 (LC280648), a proposed state constitutional amendment to let any county or consolidated government choose an alternative method of valuing real property based on purchase price rather than periodic appraisals.
“It's simply ... the option to adopt a system of valuation of real property that is based on purchase price,” Representative Stan Washburn said, urging the committee to consider the marketplace as the “purest method” for placing value. He told the subcommittee the current assessed values would become the starting point and, thereafter, a property's value would be the amount paid when the property last sold.
The nut graf: supporters said the change would reduce appeals and administrative costs by tying value to observable sales; critics —…
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