Rule 560-11-11-.13 - [Effective 1/5/2025] Valuation of Additional Qualified Property which is Contiguous to the Property in the Original Covenant(1) If a qualified owner has entered into an original QFLP Covenant and subsequently acquires additional qualified property Contiguous to the property in the original covenant, the qualified owner may elect to enter the subsequently acquired qualified property into the original covenant for the remainder of the fifteen (15) year period of the original covenant; provided, however, that such subsequently acquired qualified property shall be less than two hundred (200) acres.(2) If the qualified owner makes such an election, then the subsequently acquired qualified property shall be valued in accordance with O.C.G.A. § 48-5-269. (a) When calculating the subsequently acquired qualified property's initial value, this initial value shall not be subject to the three percent (3%) limitation provided for in O.C.G.A. § 48-5-271(b).(b) The original property subject to the original QFLP Covenant and the subsequently acquired qualified property shall be treated as separate parcels on the county tax digest until the expiration of the original QFLP Covenant. Upon the expiration of the QFLP Covenant, the properties can be merged into a single parcel upon renewal.Ga. Comp. R. & Regs. R. 560-11-11-.13
O.C.G.A. §§ 48-5-7.7, 48-5-269, 48-5-271.
Original Rule entitled "Valuation of Additional Qualified Property which is Contiguous to the Property in the Original Covenant" adopted. F. Jun. 30, 2011; eff. July 20, 2011.Amended: F. Dec. 16, 2024; eff. Jan. 5, 2025.