Columbus Board of Tax Assessors v. Yeoman

Summary

The Georgia Supreme Court held that the 2010 amendment to OCGA § 48-5-2 (3), which makes the most recent arm’s-length sale price the maximum allowable fair market value for the next taxable year, does not conflict with a 1981 local constitutional amendment governing homestead-property assessments in Muscogee County. The court affirmed the judgment determining that John Yeoman’s property should be assessed using its $665,000 purchase price.

Holdings

1. The 2010 amendment to OCGA § 48-5-2 (3) does not conflict with the 1981 local constitutional amendment because the local amendment requires valuation as of January 1 of the applicable year but leaves the method of determining fair market value subject to conditions and limitations specified by law.
2. The 2010 amendment controls the determination of the fair market value of Yeoman's homestead for the 2011 tax year, making the $665,000 arm's-length sale price the maximum allowable fair market value.

Questions Presented

1. Whether the 2010 amendment to OCGA § 48-5-2 (3), which makes the most recent arm's-length, bona fide sale price the maximum allowable fair market value for the next taxable year, conflicts with the 1981 local constitutional amendment governing the valuation of Muscogee County homestead property.
2. Whether the 2010 amendment controls the assessment of Yeoman's recently purchased homestead for the 2011 tax year.

Disposition

affirmed