Compilation of Rules and Regulations of the State of Georgia › Department 560 - RULES OF DEPARTMENT OF REVENUE › Chapter 560-11 - LOCAL GOVERNMENT SERVICES DIVISION › Subject 560-11-10 - APPRAISAL PROCEDURES MANUAL › Rule 560-11-10-.09 - Real Property Appraisal

Current through Rules and Regulations filed through June 27, 2024
(1) Real property - Introduction. The
				appraisal staff shall follow the provisions of this Rule when performing their
				appraisals of real property. Irrespective of the valuation approach used, the
				result of any appraisal of real property by the appraisal staff shall conform
				to the definition of fair market value.
(a)
				General valuation procedures. The appraisal staff shall consider the sales
				comparison, cost, and income approaches in the appraisal of real property. The
				degree of dependence on any one approach will change with the availability of
				reliable data and type of property being appraised. The appraisal staff may
				express the final fair market value estimate to the board of tax assessors in
				numbers that are rounded to the nearest hundred dollars.
(b) Real property identification. The
				appraisal staff shall identify real property, determine its taxability, and
				classify it for addition to the county ad valorem tax digest in accordance with
				this subparagraph.
1. Distinguishing real
				property. The appraiser shall be required to correctly identify real property
				and distinguish it from personal property where the proper valuation
				procedures, as set forth in this Rule, may be followed.
(i) Real property examples. As used in this
				Rule, real property shall be that property defined in Rule
				 560-11-10-.02(1)(w).
				This Rule shall provide illustrations to assist the appraiser in the proper
				interpretation of the definition. However, these illustrations should not be
				construed in a manner that conflicts with the definition. Examples of real
				property are tangible items such as land, all improvements attached to land,
				real fixtures, and leasehold interests in real property.
(ii) Identification of real fixtures. When
				property the appraiser believes to be a real fixture has not been returned by
				the landlord, the appraiser shall require the landlord to produce their lease
				agreement and shall carefully review the agreement before making their
				recommendation to the board of tax assessors regarding the classification and
				taxability of the property in question. The appraiser shall inform the landlord
				that they may redact, at their option, any information relating to the payments
				that are required by the lease agreement.
2. Assessment date. Code section
				 48-5-10 provides that each return by a property owner shall be for property held and
				subject to taxation on January 1 of the tax year. The appraisal staff shall
				base their decisions regarding the taxability, uniform assessment, and
				valuation of real property on the circumstances of such property on January 1
				of the tax year for which the assessment is being prepared. When real property
				is transferred to a new owner or converted to a new use, the circumstances of
				such property on January 1 shall nevertheless be considered as
				controlling.
3. Classification. The
				appraisal staff shall classify real property as provided in Rule
				 560-11-2-.21  for inclusion in the
				county tax digest. Real property may be further stratified and categorized as
				appropriate for aggregating comparable properties for an appraisal.