Bill in Georgia would add foreclosures to tax assessors formula

GEORGIA: Foreclosure bill to be considered by legislature

Foreclosure numbers have traditionally been ignored by local tax assessors when setting yearly tax values. However, with the downturn in the housing market, this practice can leave gaps between sales value and tax values, putting some homeowners under a greater tax burden.

Senate Bill 55, sponsored by Sen. Chip Pearson, seeks to change this. It calls for tax assessors to count foreclosure sales when setting tax values.

“One foreclosure in a subdivision can affect the entire subdivision,” said state Sen. Pearson. “They need to be considered as a comparable sale. It’s not optional. It is the market."

The bill could have far-reaching impact for property owners and local governments, as tax values may be cut dramatically and, subsequently, tax bills, which could force local governments to further scramble for revenue.

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