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1、LoadingtheCapitalizationRateforTaxesInJune2010,theGeorgiaLegislaturepassedaPropertyTaxReformBillintolawtobeeffectiveJanuary1,2011thatdealtpartiallywithover-assessedpropertiesbaseduponadvaloremtaxesinthevariouscountiesinGeorgia.ThebillisidentifiedasSB346.Itcanbeaccessedat:htt
2、p://www1.legis.ga.gov/legis/2009_10/versions/sb346_SB_346_APP_9.htmThislawspecificallystatesinPartV,Section5-1to5-3:PARTVSECTION5-1.SaidtitleisfurtheramendedinCodeSection48-5-2,relatingtodefinitions,byaddingnewparagraphstoreadasfollows:“(.1)‘Arm’slength,bonafidesale’meansatr
3、ansactionwhichhasoccurredingoodfaithwithoutfraudordeceitcarriedoutbyunrelatedorunaffiliatedparties,asbyawillingbuyerandawillingseller,eachactinginhisorherownself-interest,includingbutnotlimitedtoadistresssale,shortsale,banksale,orsaleatpublicauction.”SECTION5-2.Saidtitleisfu
4、rtheramendedinCodeSection48-5-2,relatingtodefinitionsregardingadvaloremtaxationofproperty,byrevisingtheintroductorylanguageofparagraph(3)precedingsubparagraph(A)asfollows:“(3)‘Fairmarketvalueofproperty’meanstheamountaknowledgeablebuyerwouldpayforthepropertyandawillingsellerw
5、ouldacceptforthepropertyatanarm’slength,bonafidesale.Theincomeapproach,ifdataisavailable,shallbeconsideredindeterminingthefairmarketvalueofincome-producingproperty.Notwithstandinganyotherprovisionofthischaptertothecontrary,thetransactionamountofthemostrecentarm’slength,bonaf
6、idesaleinanyyearshallbethemaximumallowablefairmarketvalueforthenexttaxableyear.Withrespecttothevaluationofequipment,machinery,andfixtureswhennoreadymarketexistsforthesaleoftheequipment,machinery,andfixtures,fairmarketvaluemaybedeterminedbyresortingtoanyreasonable,relevant,an
7、dusefulinformationavailable,including,butnotlimitedto,theoriginalcostoftheproperty,anydepreciationorobsolescence,andanyincreaseinvaluebyreasonofinflation.Eachtaxassessorshallhaveaccesstoanypublicrecordsofthetaxpayerforthepurposeofdiscoveringsuchinformation.”SECTION5-3.SaidCo
8、desectionisfurtheramendedinparagraph(3)byrevisingsubparagraph(B)asfollows:“
