Property Tax Alert: Georgia

June 2007

Effective July 1, 2007, a new purchaser of property is not required to pay interest at the rate of 1% per month on Georgia property taxes owed to the state or any local taxing jurisdiction until 60 days after the tax commissioner or tax collector has mailed the new purchaser the tax bill that applies to the year in which the purchase occurred. The 60-day grace period applies to the tax bill applicable to the year in which the property was purchased. In addition, the same 60-day grace period applies to the 10% penalty imposed for the willful failure to file a return, report, or other information required by law, or the willful failure to pay the Georgia Commissioner of Revenue any revenue held in trust for the state.

Please contact Rash & Associates for more information.