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AJC.com > Legislature > Blog > Archives > 2009 > February > 18 > Entry
DEL.ICIO.USSenate passes foreclosure and assessment law
The Atlanta Journal-Constitution
If there’s a foreclosure on your street, a bill that passed the Senate today would require the tax assessor to take it into account when assessing the value of your home.
If the foreclosed home sells for less and the assessment goes down, the other houses on the street should also see a lower assessment and therefore a property tax decrease, said Senate Majority Leader Chip Rogers (R-Woodstock).
“It’ll bring the assessment to fair market value,” Rogers said.
Sen. Steve Thompson (D-Marietta) cautioned that the bill, Senate bill 55, could affect the value of neighborhoods, sending values of non-foreclosed homes down in what is already a bad economic time. He voted against it. The bill passed 46-6.
Supporter Sen. Seth Harp (R-Midland) said the bill would mean less revenue for local municipalities, but it was necessary. “It’s about bringing reality and common sense into the assessments that go on in this state,” Harp said.
The bill requires that other factors be taken into account when determining the value of a home including the net taxable value declared, for tax purposes, on the real estate transfer tax declaration; and the decreased value of the property based on limitations resulting from conservation easement.
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