DEPARTMENT OF REVENUE PROVIDES UPDATE ON QUALIFIED TIMBERLAND ASSESSMENT VALUES
On June 25, the Georgia Department of Revenue (DOR) published notice of its intent to use certain values in the assessment of qualified timberland property (QTP). QTP valuation is available to properties that are at least 50 acres in size, has as its primary use the bona fide production of timber for commercial purposes, and is owned by an owner that is certified by the Department of Revenue (DOR) as being engaged in the business of bona fide production of trees to be used for commercial purposes. QTP is assessed for taxation purposes by the DOR rather than local boards of assessors, pursuant to an annual appraisal manual and methodology. While the 2020 QTP appraisal manual and values have not been formally adopted due to COVID-19 concerns, DOR has indicated it intends to use those proposed values in order to allow the 2020 tax assessment process to move forward. Counties should ensure that their boards of tax assessors review the proposed values and appraisal manual and direct any of their concerns to DOR.