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 560-11-2 - SUBSTANTIVE REGULATIONS › Rule 560-11-2-.38 - Property Tax Credit-Calculation

Current through Rules and Regulations filed through June 27, 2024
(1) Each year, on or before June 1, the State
				Revenue Commissioner shall furnish to the governing authority of each county
				and to the tax commissioner or collector of each county, from information
				certified to him by the several county tax receivers and tax commissioners, the
				total amount of property tax relief funds allocated to that particular county
				for the current tax year as authorized by Act of the General Assembly, and that
				portion of such total amount of property tax relief funds, allocated to that
				particular county for the current tax year, to be used for homestead credit
				purposes as authorized by Act of the General Assembly.
(2) Once the county tax digest has been
				compiled for the current year as required by law, the governing authority of
				each county shall determine the appropriate tax rate to be levied for county
				general operations as is normally done.
(3) Once the county tax digest has been
				approved by the State Revenue Commissioner for the current year as required by
				law, the county tax collector or tax commissioner shall calculate the
				appropriate tax credits as follows:
(a)
				Determine the amount of property tax credit authorized against county ad
				valorem property taxes for each "homestead" tangible property located within
				the county, which credit shall equal an amount computed by dividing the grant
				authorized for homestead purposes for the county by the number of homesteads in
				the county for the current year; provided, however, that no credit authorized
				as homestead relief shall exceed one-half of the credit recipient's county
				government maintenance and operation tax liability.
(b) Determine the total amount of property
				tax relief credited against county ad valorem maintenance and operation taxes
				for all "homestead" property within the county.
(c) The amount of property tax relief
				authorized for homestead purposes for the county in excess of the amount
				calculated in accordance with subparagraphs (a) and (b) of subsection (3) of
				this Section shall be used as a pro rata property tax credit against the ad
				valorem county maintenance and operation property taxes on all tangible
				property subject to taxation in the county for the current tax year, except
				motor vehicles and trailers, and except that property required by law to be
				returned to the State Revenue Commissioner.
(d) The county-wide pro rata property tax
				credit shall be calculated as a percentage of county government maintenance and
				operation taxes levied, which percentage shall be computed by dividing the
				total amount of property tax relief funds available for distribution to the
				county after deducting the total amount of property tax relief granted by the
				"homestead" property tax credits under subparagraphs (a) and (b) of subsection
				(3) of this Section by the total taxes levied against tangible property
				authorized to receive credit for general county purposes after the "homestead"
				property tax credits have been deducted. The percentage thus derived shall be
				applied against the total county maintenance and operation taxes levied for
				each property for general county tax purposes after deduction for any
				"homestead" property tax credit, if any, to which the taxpayer may be entitled;
				provided, however, that no credit claimed in any county, or combination of
				credits claimed in all counties wherein the taxpayer owns property, shall
				exceed the lesser of $1,000 or the credit recipient's total tax liability for
				county government ad valorem maintenance and operation property taxes; further
				provided, that where a taxpayer cannot claim entitlement to any or all of the
				credit calculated for a particular county because of the total credit maximum
				state wide, the taxpayer shall certify to the tax collector or commissioner in
				a form acceptable to the tax collector or commissioner in that county the
				amount of the credit, if any, to which he is entitled.
(e) Determine the total amount of property
				tax relief credited pro rata against county government ad valorem maintenance
				and operation taxes within the county.
(f) All property tax credits authorized shall
				be calculated based upon the tax digest for the current tax year approved by
				the State Revenue Commissioner as required by law. Any property not returned
				for taxation as required by law which is assessed by the board of tax assessors
				after the digest for the current year has been approved by the State Revenue
				Commissioner shall not be entitled to such property tax credits for the current
				year. Provided, however, that when the assessment of any property is under
				appeal at the time the digest is approved by the Commissioner and the
				assessment is not yet finalized for the current year, that property shall be
				considered by the county at the value assessed by the board of tax assessors
				when making the property tax relief calculations required by law and in
				accordance with this Regulation. If the final determination of the assessed
				value of such property results in an assessment higher than that of the board
				of tax assessors, the additional property tax credits shall be granted to the
				taxpayer. If the final determination of the assessed value of such property
				results in an assessment lower than that of the board of tax assessors, the
				excess property tax credits calculated for said property shall become county
				funds and shall be retained by the governing authority of the county.
(g) All property tax credits authorized but
				not distributed due to erroneous or duplicate assessments or other errors
				whereby assessments are subsequently removed from the digest approved by the
				State Revenue Commissioner for the current year shall become county funds and
				shall be retained by the governing authority of the county, and any excess of
				the total grant authorized but not utilized after complete compliance with the
				terms of the Act shall become county funds and shall be retained by the
				governing authority of the county.