Requests for the use of maintenance must be filed on or before the last day with the county tax administration to file Ad Valorem tax returns in the county. Retention Use Covenants may be extended by 10 years at the end of the ten-year period. If you sell the property in the middle of the 10-year period, the deal passes to the buyer (or, as we say in real estate, they “run with the country”). Therefore, if the buyer intends to develop or commercially exploit the good, he is responsible for the fine or can ask the seller to pay the fine as part of an offer for the good. It is a 10-year pact in which the owner agrees to leave the property in qualifying use for a period of 10 years. It can be cancelled or violated, but there is a heavy fine of the double amount of tax savings that was made on the date of the offense. It`s always a good idea to talk to the tax controller in the county where the property is located before making a real estate purchase in which you intend (or are already in custody) to make sure that your intentional use of the country is not contrary to the pact. It`s also always a good idea to discuss this with the final lawyer to make sure you know what you can and can`t do when it comes to preserving the use. Since all exemptions and agreements result in a deferral of that county`s property tax burden, the Gordon County Tax Assessor Office and the Board of Assessors make every effort to ensure that such exemptions and agreements are implemented in a fair, consistent, correct and consistent manner and in accordance with O.C.G.A. 48-5. This favourable tax treatment is intended to protect these property owners from property tax pressures to convert their farm land to residential or commercial use, hence the name “conservation” assessment.
The Conservation Use Value Covenant was lobbyist by Georgia legislators in 1991 and was signed in 1992. The taxpayer agrees to keep his property in a “good faith” agricultural use for the life of the federal exemption, which is 10 years. During this ten-year period, the country will be evaluated according to schedules provided by the Georgia Department of Revenue. These values are based on the productivity of each soil type in the state of Georgia. Values are provided annually to the County Board of Assessors. The exemption provides that the covenant must not increase by more than 3% in one year and that it must not increase by more than 34.39% during the life of the 10-year covenant. This methodology is implemented consistently and uniformly by the team of experts across all properties subject to the Covenants. All taxpayers are invited to visit the office of the tax controller regarding these exemptions. Printed materials are available from the Department of Revenue and the Cooperative Extension Office for this pact. An example of tax savings: A 311-a-hectare wing of Burke County, listed in the Covenant, achieved a 59% saving on property tax for 2015 (from $3355.63 to $1364.29).