Specialized and Preferential Assessment Programs

Two general types of specialized or preferential assessment programs are available for certain owners of certain types of property. One of these programs authorizes assessment at 30% rather than 40% of fair market value for certain agricultural properties being used for bona fide agricultural purposes.

The second type of preferential program is the Conservation Use program which provides that certain agricultural property, timberland property, environmentally sensitive property, or residential transitional property is to be valued and assessed for ad valorem tax purposes at its current use value rather than its fair market value.

Each of these specialized or preferential programs requires the property owner to covenant with the Board of Tax Assessors to maintain the property in its qualified use for at least 10 years in order to qualify for the preference. The Board of Tax Assessors can explain the ownership and use restrictions regarding property qualifying for either of these programs.

• Rehabilitated and Landmark Historic Property: Historic property that qualifies for listing on the Georgia National Register of Historic Places may qualify for preferential assessment. The preferential assessment shall extend to the building or structure, the real property on which the building or structure is located, and not more than two acres surrounding the building or structure. The Board of Tax Assessors can explain the ownership and use restrictions regarding property qualifying for this assessment.
• Brownfield Property: Property that qualifies for participation in the State's Hazardous Site Reuse and Redevelopment Program and which has been designated as such by the Environmental Protection Division of the Department of Natural Resources may qualify for preferential assessment. This special program provides for the preferential assessment of the environmental and contaminated property by freezing the value for ten years as an incentive for developers to clean up the property and return it to the tax rolls. The Board of Tax Assessors can explain the ownership and use restrictions regarding property qualifying for this assessment.
• Timber: Standing timber is not taxed until sold or harvested, at which time it is taxed based upon 100 percent of its fair market value. This value is then multiplied by the appropriate mill rate to determine the tax amount due.