Rule 560-11-2-.38 - Property Tax Credit-Calculation(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.Ga. Comp. R. & Regs. R. 560-11-2-.38
Ga. L. 1937-38, Extra Sess., pp. 77, et seq., as amended; Ga. Code Ann., Secs. 92-8405, 8406, 8409, 8427. Act. No. 610, 1975 Session of General Assembly.
Original Rule was filed on May 17, 1973; effective June 6, 1973.Amended: Filed June 11, 1975; effective July 1, 1975.