Georgia Legislation Requires Tax Assessors to Consider Foreclosures When Determining Fair Market Value

Governor Signs Bill to Change the Factors Used in Determining Property Tax Assessments The Governor signed SB 55 last week giving protection to property owners in the property tax assessment process. SB 55 requires city and county tax assessors to consider foreclosure sales, bank sales, distressed sales, or any combination thereof, of comparable real property when determining the fair market value for property tax assessments. Property owners across the state have seen the value of their homes decrease due to direct competition with undervalued foreclosure and distressed sales. SB 55 aims to protect property owners by requiring the tax assessor’s office to consider foreclosure, bank, and distressed sales during the valuation process helping to ensure the tax digest reflects recent fluctuations in the market and property owners pay ad valorem tax based on actual fair market value. For more information on SB 55, click here: http://www.legis.ga.gov/legis/2009_10/sum/sb55.htm

For an Adobe Acrobat .pdf version of the actual bill, click here: http://www.legis.ga.gov/legis/2009_10/pdf/sb55.pdf