GEORGIA CONSTITUTION
ARTICLE VII
TAXATION AND FINANCE
ART. VII §1 ¶1 | TAXATION; LIMITATIONS ON GRANTS OF TAX POWERS
ART. VII §1 ¶2 | TAXING POWER LIMITED
(b) So long as the method of taxation in effect on December 31, 1980, for the taxation of shares of stock of banking corporations and other monied capital coming into competition with such banking corporations continues in effect, such shares and other monied capital may be taxed at an annual rate not exceeding five mills on each dollar of the assessed value of the property.
ART. VII §1 ¶3 | UNIFORMITY; CLASSIFICATION OF PROPERTY; ASSESSMENT OF AGRICULTURAL LAND; UTILITIES
(b)
(2) Subject to the conditions and limitations specified by law, each of the following types of property may be classified as a separate class of property for ad valorem property tax purposes and different rates, methods, and assessment dates may be provided for such properties:
(B) Mobile homes other than those mobile homes which qualify the owner of the home for a homestead exemption from ad valorem taxation.
(C) Heavy-duty equipment motor vehicles owned by nonresidents and operated in this state.
(ii) An estate of which the devisee or heirs are one or more natural or naturalized citizens; or
(iii) A trust of which the beneficiaries are one or more natural or naturalized citizens; or
(B) For additional minimum conditions of eligibility which such properties must meet in order to qualify for the preferential assessment provided for herein, including, but not limited to, the requirement that the owner be required to enter into a covenant with the appropriate taxing authorities to maintain the use of the properties in bona fide agricultural purposes for a period of not less than ten years and for appropriate penalties for the breach of any such covenant.
(2) The General Assembly shall be authorized by general law to establish as a separate class of property for ad valorem tax purposes any tangible real property on which there have been releases of hazardous waste, constituents, or substances into the environment. For such purposes, the General Assembly is authorized by general law to establish a program by which certain properties within such class may be assessed for taxes at different rates or valuations in order to encourage the cleanup, reuse, and redevelopment of such properties and to assist in the revitalization thereof by encouraging remedial action.
(B) A breach of such covenant within ten years shall result in a recapture of the tax savings resulting from such methods of assessment and taxation and may result in other appropriate penalties;
(2)
(B) All contiguous forest land conservation use property of an owner within a county for which forest land conservation use assessment is sought under this subparagraph shall be in a single covenant.
(C) A breach of such covenant within ten years shall result in a recapture of the tax savings resulting from such methods of assessment and taxation and may result in other appropriate penalties.
(D) The General Assembly may provide by general law for a limited exception to the 200 acre requirement in the case of a transfer of ownership of all or a part of the forest land conservation use property during a covenant period to another owner qualified to enter into an original forest land conservation use covenant if the original covenant is continued by both such acquiring owner and the transferor for the remainder of the term, in which event no breach of the covenant shall be deemed to have occurred even if the total size of a tract from which the transfer was made is reduced below 200 acres.
(ii) If the forest land conservation use property is located in a county, municipality, or county or independent school district where forest land conservation use value causes an ad valorem tax revenue reduction of more than 3 percent due to the implementation of this subparagraph, in each taxable year in which such reduction occurs, the assistance grants to the county, each municipality located therein, and the county or independent school districts located therein shall be for the first 3 percent of such reduction amount, in an amount equal to 50 percent of the amount of such reduction and, for the remainder of such reduction amount, in an amount equal to 100 percent of the amount of such remaining reduction amount.
(ii) For purposes of this subparagraph, the forest land conservation use value shall not include the value of the standing timber located on forest land conservation use property.
(iii) For the purposes of this subparagraph, forest land fair market value means the fair market value of the forest land as determined in 2016, provided that such value shall change in 2019 and every three years thereafter to the fair market value of forest land as determined in such year.
(B) The value of qualified timberland property shall be at least 175 percent of such property’s forest land conservation use value as determined pursuant to subparagraph (f) of this Paragraph.
(B) Authorize the General Assembly to provide for a separate system by which to appeal appraisals of and determinations made related to qualified timberland property.
(h) The governing authority of each county, municipality, and consolidated government and the board of education of each independent and county school system in this state shall be authorized to grant temporary tax relief to properties within its jurisdiction which are severely damaged or destroyed as a result of a disaster and which are located within a nationally declared disaster area. The General Assembly shall provide by general law for the eligibility, procedures for obtaining, and all other matters regarding such temporary tax relief.
ART. VII §2 ¶1 | UNAUTHORIZED TAX EXEMPTIONS VOID
ART. VII §2 ¶2 | EXEMPTIONS FROM TAXATION OF PROPERTY
(2) Homestead exemptions from ad valorem taxation levied by local taxing jurisdictions may be granted by local law conditioned upon approval by a majority of the qualified electors residing within the limits of the local taxing jurisdiction voting in a referendum thereon.
(3) Laws subject to the requirement of a referendum as provided in this subparagraph (a) may originate in either the Senate or the House of Representatives.
(4) The requirements of this subparagraph (a) shall not apply with respect to a law which codifies or recodifies an exemption previously authorized in the Constitution of 1976 or an exemption authorized pursuant to this Constitution.
ART. VII §2 ¶3 | EXEMPTIONS WHICH MAY BE AUTHORIZED LOCALLY
(2) Exemptions granted pursuant to this subparagraph (a) may only be revoked by a referendum election called and conducted as provided by law. The call for such referendum shall not be issued within five years from the date such exemptions were first granted and, if the results of the election are in favor of the revocation of such exemptions, then such revocation shall be effective only at the end of a five- year period from the date of such referendum.
(3) The implementation, administration, and revocation of the exemptions authorized in this subparagraph (a) shall be provided for by law. Until otherwise provided by law, the grant of the exemption shall be subject to the same conditions, limitations, definitions, and procedures provided for the grant of such exemption in the Constitution of 1976 on June 30, 1983.
ART. VII §2 ¶4 | CURRENT PROPERTY TAX EXEMPTIONS PRESERVED
ART. VII §2 ¶5 | DISABLED VETERAN’S HOMESTEAD EXEMPTION
ART. VII §2A ¶1 | STATE GRANTS; ADJUSTMENT AMOUNT
ART. VII §3 ¶1 | TAXATION; PURPOSES FOR WHICH POWERS MAY BE EXERCISED
(b) Subject to conditions and limitations as may be provided by law, the power of taxation may be exercised to make grants for tax relief purposes to persons for sales tax paid and not otherwise reimbursed on prescription drugs. Credits or relief provided hereunder may be limited only to such reasonable classifications of taxpayers as may be specified by law.
ART. VII §3 ¶2 | REVENUE TO BE PAID INTO GENERAL FUND
(b)
(2) As used in this subparagraph, “agricultural products” includes, but is not limited to, registered livestock and livestock products, poultry and poultry products, timber and timber products, fish and seafood, and the products of the farms and forests of this state.
ART. VII §3 ¶3 | GRANTS TO COUNTIES AND MUNICIPALITIES
ART. VII §4 ¶1 | PURPOSES FOR WHICH DEBT MAY BE INCURRED. THE STATE MAY INCUR
(b) Public debt to supply a temporary deficit in the state treasury in any fiscal year created by a delay in collecting the taxes of that year. Such debt shall not exceed, in the aggregate, 5 percent of the total revenue receipts, less refunds, of the state treasury in the fiscal year immediately preceding the year in which such debt is incurred. The debt incurred shall be repaid on or before the last day of the fiscal year in which it is incurred out of taxes levied for that fiscal year. No such debt may be incurred in any fiscal year under the provisions of this subparagraph (b) if there is then outstanding unpaid debt from any previous fiscal year which was incurred to supply a temporary deficit in the state treasury.
(c) General obligation debt to acquire, construct, develop, extend, enlarge, or improve land, waters, property, highways, buildings, structures, equipment, or facilities of the state, its agencies, departments, institutions, and of those state authorities which were created and activated prior to November 8, 1960.
(d) General obligation debt to provide educational facilities for county and independent school systems and to provide public library facilities for county and independent school systems, counties, municipalities, and boards of trustees of public libraries or boards of trustees of public library systems, and, when the construction of such educational or library facilities has been completed, the title to such facilities shall be vested in the respective local boards of education, counties, municipalities, or public library boards of trustees for which such facilities were constructed.
(e) General obligation debt in order to make loans to counties, municipal corporations, political subdivisions, local authorities, and other local government entities for water or sewerage facilities or systems or for regional or multijurisdictional solid waste recycling or solid waste facilities or systems. It shall not be necessary for the state or a state authority to hold title to or otherwise be the owner of such facilities or systems. General obligation debt for these purposes may be authorized and incurred for administration and disbursement by a state authority created and activated before, on, or after November 8, 1960.
(f) Guaranteed revenue debt by guaranteeing the payment of revenue obligations issued by an instrumentality of the state if such revenue obligations are issued to finance:
(2) Land public transportation facilities or systems.
(3) Water facilities or systems.
(4) Sewage facilities or systems.
(5) Loans to, and loan programs for, citizens of the state for educational purposes.
(6) Regional or multijurisdictional solid waste recycling or solid waste facilities or systems.
ART. VII §4 ¶2 | STATE GENERAL OBLIGATION DEBT AND GUARANTEED REVENUE DEBT; LIMITATIONS
(b) No debt may be incurred under subparagraphs (c), (d), and (e) of Paragraph I of this section or Paragraph V of this section at any time when the highest aggregate annual debt service requirements for the then current year or any subsequent year for outstanding general obligation debt and guaranteed revenue debt, including the proposed debt, and the highest aggregate annual payments for the then current year or any subsequent fiscal year of the state under all contracts then in force to which the provisions of the second paragraph of Article IX, Section VI, Paragraph I(a) of the Constitution of 1976 are applicable, exceed 10 percent of the total revenue receipts, less refunds of the state treasury in the fiscal year immediately preceding the year in which any such debt is to be incurred.
(c) No debt may be incurred under subparagraphs (c) and (d) of Paragraph I of this section at any time when the term of the debt is in excess of 25 years.
(d) No guaranteed revenue debt may be incurred to finance water or sewage treatment facilities or systems when the highest aggregate annual debt service requirements for the then current year or any subsequent fiscal year of the state for outstanding or proposed guaranteed revenue debt for water facilities or systems or sewage facilities or systems exceed 1 percent of the total revenue receipts less refunds, of the state treasury in the fiscal year immediately preceding the year in which any such debt is to be incurred.
(e) The aggregate amount of guaranteed revenue debt incurred to make loans for educational purposes that may be outstanding at any time shall not exceed $18 million, and the aggregate amount of guaranteed revenue debt incurred to purchase, or to lend or deposit against the security of, loans for educational purposes that may be outstanding at any time shall not exceed $72 million.
ART. VII §4 ¶3 | STATE GENERAL OBLIGATION DEBT AND GUARANTEED REVENUE DEBT; CONDITIONS UPON ISSUANCE; SINKING FUNDS AND RESERVE FUNDS
(2)
(B) The obligation to make sinking fund deposits as provided in subparagraph (2)(A) shall be subordinate to the obligation imposed upon the fiscal officers of the state pursuant to the provisions of the second paragraph of Paragraph I(a) of Section VI of Article IX of the Constitution of 1976.
(2)
(B) If any payments are required to be made from the common reserve fund to meet debt service requirements on guaranteed revenue obligations by virtue of an insufficiency of revenues, the amount necessary to cure the deficiency shall be paid from the common reserve fund by the appropriate state fiscal officer. Upon any such payment, the common reserve fund shall be reimbursed from the general funds of the state within ten days following the commencement of any fisca1 year of the state for any amounts so paid; provided, however, the obligation to make any such reimbursements shall be subordinate to the obligation imposed upon the fiscal officers of the state pursuant to the second paragraph of Paragraph I(a) of Section VI, Article IX of the Constitution of 1976 and shall also be subordinate to the obligation to make sinking fund deposits for the benefit of general obligation debt. The appropriate state fiscal officer may be required to apply such funds as provided in this subparagraph (b)(2)(B) at the suit of any holder of any such guaranteed revenue obligations.
(C) The amount to the credit of the common reserve fund shall at all times be at least equal to the aggregate highest annual debt service requirements on all outstanding guaranteed revenue obligations entitled to the benefit of the fund. If at the end of any fiscal year of the state the fund is in excess of the required amount, the appropriate state fiscal officer, as designated by law, shall transfer the excess amount to the general funds of the state free of said trust.
ART. VII §4 ¶4 | CERTAIN CONTRACTS PROHIBITED
ART. VII §4 ¶5 | REFUNDING OF DEBT
ART. VII §4 ¶6 | FAITH AND CREDIT OF STATE PLEDGED DEBT MAY BE VALIDATED
ART. VII §4 ¶7 | GEORGIA STATE FINANCING AND INVESTMENT COMMISSION; DUTIES
(b) Notwithstanding subparagraph (a) of this Paragraph, proceeds from general obligation debt issued for making loans to local government entities for water or sewerage facilities or systems or for regional or multijurisdictional solid waste recycling or solid waste facilities or systems as provided in Paragraph I(e) of this section shall be paid or transferred to and administered and invested by the unit of state government or state authority made responsible by law for such activities, and the proceeds and investment earnings thereof shall be applied and disbursed by such unit or authority.
ART. VII §4 ¶8 | STATE AID FORBIDDEN
ART. VII §4 ¶9 | CONSTRUCTION
ART. VII §4 ¶10 | ASSUMPTION OF DEBTS FORBIDDEN; EXCEPTIONS
ART. VII §4 ¶11 | SECTION NOT TO UNLAWFULLY IMPAIR CONTRACTS OR REVIVE OBLIGATIONS PREVIOUSLY VOIDED
(b) Revive or permit the revival of the obligation of any bond or security declared to be void by the Constitution of 1976 or any previous Constitution of this state.
ART. VII §4 ¶12 | MULTIYEAR CONTRACTS FOR ENERGY EFFICIENCY OR CONSERVATION IMPROVEMENT
ART. VII §4 ¶13 | MULTIYEAR RENTAL AGREEMENTS
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