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GAAO Seminar – Unicoi – October 2009

GAAO Seminar – Unicoi – October 2009. HB 233 . Rule 560-11-2.59 through .61 Adopted by Revenue Commissioner on September 15, 2009. HB 233. MAV (Moratorium Appraised Values) HB233 refers to values as Moratorium Assessed Values Some counties exempted. HB 233.

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GAAO Seminar – Unicoi – October 2009

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  1. GAAO Seminar – Unicoi – October 2009

  2. HB 233 • Rule 560-11-2.59 through .61 • Adopted by Revenue Commissioner on September 15, 2009

  3. HB 233 • MAV (Moratorium Appraised Values) • HB233 refers to values as Moratorium Assessed Values • Some counties exempted

  4. HB 233 • Two situations for county-wide exemptions • Explicitly stated in HB233 that county is exempt for term of moratorium • Counties conducting a “comprehensive countywide revaluation” for 2009

  5. HB 233 • Counties with “explicit” exemption • Houston • Richmond • Personal Property not included

  6. HB 233 • Counties with “reval” exemption • Reval can be contracted or in-house • Reval should have been started in 2008 • Contracts signed • Minutes for Assessors meetings noting details of revaluation • Reval must be finished for 2009 digest

  7. Rule 560-11-2-.59 Definition

  8. HB 233 • MAV Freeze Exceptions • All value decreases are allowed • Value increases allowed • New Improvements • Additions to existing improvements • Land units increased (acres, front feet, etc) • Land zoning changes • Other non-inflationary property changes

  9. HB 233 • Non-allowable MAV increases • Modifications to property characteristic that are generally inflationary • Grade, Phy Depr, Obs factors, Property Influences • Valuation methodology changes that result in higher values • Valuation schedule increases

  10. HB 233 • Change of Assessment Notices • Only changes to MAV • Property Records Cards • MAV

  11. HB 233 • Requirement of Rules 560-11-2-.61

  12. HB 233 • DIGEST REPORTS • Consolidation sheets on 2009 billing values • Signed and submitted by tax commissioner • Consolidation sheets (or other approved report) with current year fair market value • Signed and submitted by board of tax assessors

  13. HB 233

  14. HB 233 – Digest News!!!! • Department of Audits will use MAV for ratio studies • Digest compliance will be based on MAV studies • ¼ mill & $5.00/parcel penalty will be calculated based on MAV ratio studies

  15. HB 233 – Digest News!!!!!1 • Penalties based on MAV can be appealed if county has • FMV Consolidation Report • FMV Sales Ratio Studies

  16. HB 233 – Digest News!!! • In the case of an county appeal • DOR will review both reports (FMV Cons Report & FMV Sales Ratio Study) • DOR may conduct further investigation with onsite visit • Gather additional information • Check for compliance with ratio study standards

  17. Questions or Comments??????

  18. FLPA Update • Approximately 120 digests for the 2009 tax year have been received to date • Why is digest submission slow this year? • Economy: county budget issues • HB 233, new regulations • FLPA: new regulations

  19. 2009 Year-to-Date Stats on FLPA…. • Number of Parcels entered in FLPA covenants = 2,390 • Counties with the most parcels in FLPA: (unaudited) • Early 227 • Stewart 131 • Talbot 126 • Decatur 115 • Screven 93 • Randolph 82 • Brooks 80 • Harris 80 • Monroe 72 • Morgan 70

  20. 2009 Year-to-Date Stats on FLPA…. • Number of Acres entered in FLPA covenants = 1,314,837 • Counties with the most acreage in FLPA: (unaudited) • Clinch 91,178 • Stewart 87,866 • Early 76,688 • Echols 67,086 • Screven 63,926 • Lowndes 59,856 • Brooks 52,473 • Jeff Davis 48,297 • Decatur 39,984 • Quitman 35,399

  21. 2009 Year-to-Date Stats on FLPA…. • Total tax digest Assessed Value reduction = $508,284,500 • Counties with greater than 3% Assessed Value Reduction: (unaudited) • Quitman 13.24 % • Calhoun 8.92 % • Brooks 8.29 % • Early 6.86 % • Stewart 6.71 % • Glascock 4.12 % • Randolph 4.06 % • Decatur 4.05 % • Jasper 4.04 % • Morgan 4.03 % • Clinch 3.24 % • Taylor 3.04 %

  22. 2009 Year-to-Date Stats on FLPA…. • Total State Assistance Grants to counties = $ 7,191,997 • Top 10 State Assistance Grants to Counties: (unaudited) • Brooks $ 776,613 • Early $ 593,075 • Morgan $ 554,996 • Decatur $ 480,995 • Monroe $ 324,051 • Jasper $ 320,878 • Quitman $ 297,767 • Calhoun $ 270,210 • Harris $ 264,346 • Thomas $ 261,184

  23. The Future • Where are we heading?

  24. 2010 Legislation • New legislation dealing with the consideration of foreclosures • Insufficient weight given in setting 2009 value • Resurrect HR 1 • Assessment caps • Eliminate ad valorem tax on motor vehicles • Registration fee

  25. 2010 Legislation • Amendments to FLPA (48-5-7.7) • lessen breach penalty • Allow for a breach to not affect all property entered into original covenant • Make it easier to enter smaller tracts

  26. 2010 Legislation • Amend the exemption for heavy duty equipment • Current law provides for a 100,000 exemption • Amended to see $100,000 tax credit

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