Georgia house votes for 2 year tax assessment freeze.

http://www.news4jax.com/news/18702853/detail.html Here's the beef: Paragraph IV. Limitations on assessed value increases for real property. (a)(1) Except as otherwise provided in this Paragraph, the rate of increase of the assessed value of real property for state, county, municipal, or educational ad valorem tax purposes shall not exceed an aggregate of 9 percent for each three-year period of successive ownership and, except as provided in this subparagraph, shall not exceed from one taxable year to the succeeding taxable year the lesser of 3 percent or the percent change in the rate of economic inflation on individual taxpayers as determined by the state revenue commissioner. For such purpose, the state revenue commissioner may use the Consumer Price Index for all urban consumers published by the Bureau of Labor Statistics of the United States Department of Labor and any other reliable economic indicator determined by the state revenue commissioner or such other designee as specified by general law to be appropriate. Within such three-year period, such 3 percent limitation shall operate in a cumulative manner so if an increase in one year is less than 3 percent, the 3 percent cap for the next succeeding year shall be increased by an amount equal to the difference in the actual percentage increase in the preceding year and 3 percent. Nothing in this Paragraph shall be construed to prohibit the assessed value of property from decreasing. (2) If real property or interests therein are sold or transferred, such real property shall be valued for ad valorem tax purposes in an amount not to exceed fair market value. Substantial additions or improvements to such real property shall be valued for ad valorem tax purposes at their fair market value and shall be added to the owner's valuation amount under this subparagraph. (3) In addition to any general law authorizing error or omission correction by local tax officials, the state revenue commissioner shall be authorized to correct any manifest, factual error or omission in the valuation of real property. (b) The General Assembly shall be authorized by general law to further define and implement the provisions of this Paragraph, including, but not limited to: (1) The establishment of classes or subclasses of real property and methods of assessment and taxation, including percentage limitations applicable thereto; (2) The definition of a sale or transfer of real property or interests therein under subparagraph (a)(2) of this Paragraph IV; (3) Other circumstances that shall require a revaluation of the real property, including, but not limited to, rezoning; (4) The timing of the reassessments as a result of sale, transfer, additions, or improvements and the establishment of phase-in periods of assessment increases due to sales or transfers of property at such rate or rates and in such manner as determined by general law; and (5) The definition and methods of determining fair market value as applied to nonresidential real property under subparagraph (a)(2) of this Paragraph, such methods may include, but shall not be limited to, a formula based on current use, annual revenue, and real property sales data. (c) The General Assembly shall be authorized to provide by local or general law for base year assessed value homestead exemptions that freeze the assessment of property with respect to any or all ad valorem taxes. Any local or general law providing for base year assessed value homestead exemptions that freeze the assessment of property with respect to any or all ad valorem taxes enacted prior to January 1, 2011, shall be ratified expressly; provided, however, that such ratification shall not be interpreted to imply that such laws were invalid at the time they became law. The provisions of this Paragraph shall not apply to any homestead's ad valorem taxes which are the subject of any such general or local law exemption unless such general law or local law is repealed. In the event of such repeal, the initial valuation amount of the homestead property for purposes of this Paragraph shall be the taxable value of such property established as the initial base year assessed value of such property; provided, however, that in the case of an adjusted base year assessed value homestead exemption, the initial valuation amount of the homestead property for purposes of this Paragraph shall be the taxable value of the property established as the most recent adjusted base year assessed value applicable to such property. (d) This Paragraph shall not apply to homestead real property in any county or consolidated government for which a local constitutional amendment has been continued in force and effect as part of this Constitution which freezes ad valorem property taxes with respect to such homestead real property unless such local constitutional amendment is repealed. In the event of such repeal, the initial valuation amount of each parcel of homestead real property shall be the most recent taxable value of such parcel as established under such local constitutional amendment. (e) This Paragraph shall not apply to real property in any county for which a local constitutional amendment has been continued in force and effect as part of this Constitution which imposes millage rate limitations regarding ad valorem property taxes with respect to real property in such county or county school district unless such local constitutional amendment is repealed. (f) The General Assembly shall be authorized to provide for procedures to discontinue the limitations under this Paragraph conditioned upon approval by a majority of the qualified electors residing within the limits of a county voting in a referendum thereon which shall discontinue such limitations for ad valorem taxes for such county and each municipality and each county or independent school system located in such county."