§ 114-30. Qualification process.

(a)

In order for property to qualify under this article for preferential assessment, the property must receive the certifications required for landmark historic property as defined in section 114-26.

(b)

Upon receipt of the certification required by this section, a property owner desiring classification of any such historic property as landmark historic property in order to receive the preferential assessment shall make application to the county board of tax assessors and include such certification with such application.

(c)

The county board of tax assessors shall determine if the provisions of this article have been complied with; and upon such determination, the board of tax assessors shall be required to grant preferential assessments to such property. The board of tax assessors shall make the determination within 30 days after receiving the application and shall notify the applicant in the same manner that notices of assessment are given pursuant to O.C.G.A. § 48-5-306.

(d)

Notice and rights of appeal shall be issued from the board of tax assessors and shall be made pursuant to O.C.G.A. § 48-5-7.3(c). Appeals from the denial of an application for preferential assessment by the board of tax assessors shall be made in the same manner that other property tax appeals are made pursuant to O.C.G.A. § 48-5-311.

(e)

Property which has been classified by the county board of tax assessors as landmark historic property shall be immediately eligible for the preferential assessment provided for in O.C.G.A. § 48-5-7(c>1); provided, however, that, for the purposes of determining the years of eligibility for preferential assessment, the tax year following the year in which the certification was filed with the board of tax assessors pursuant to subsection (b) of this section shall be considered and counted as the first year of eligibility.

(f)

Property which is subject to preferential assessment under this article shall be separately classified from all other property on the tax digest, and such separate classification shall be such as will enable any person examining the tax digest to ascertain readily that the property is subject to preferential assessment.

(g)

The county tax commissioner shall enter upon the tax digest as the basis or value of a parcel of landmark historic property a value equal to the greater of the acquisition cost of the property or the assessment of the fair market value of the property as recorded in the county tax digest at the time certification on such property was received by the county board of tax assessors.

(h)

As used in this section, "fair market value of landmark historic property" means:

(1)

For the first eight years in which the property is classified as landmark historic property, the value equal to the greater of the acquisition cost of the property or the appraised fair market value of the property as recorded in the county tax digest at the time certification on such property was received by the county board of tax assessors;

(2)

For the ninth year in which the property is classified as landmark historic property, the value of the property as determined by subsection (h)(1) of this section plus one-half of the difference between such value and the current fair market value exclusive of the provisions of this subsection; and

(3)

For the tenth and following years, the fair market value of such property as determined by the provisions of this subsection (h) excluding the provisions of this subsection (h)(3).

(Ord. of 9-22-92; Code 1977, § 3-21-46)