More Lunacy from the Gold Dome
Rep. John Lunsford (R-McDonough) has introduced HB-498, a bill to require county appraisers to include foreclosure sales and distressed sales in their assessment of Fair Market Value of any property.
Fair Market Value is defined as “the most probable price at which a good or service will exchange, expressed in terms of cash or equivalent, in a free market assuming 1) a knowledgeable and willing seller unencumbered by undue pressure to sell and acting in his own best interest; 2) a knowledgeable and willing buyer unencumbered by undue pressure to buy and acting in his own best interest; and 3) a reasonable time for exposure in a free and open market.”
BY DEFINITION, then, “Fair Market Value” cannot be determined using foreclosure sales and distressed sales. HB-498 would completely undermine the valuation process which is the foundation of Georgia’s property tax system.
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