§ 68-131. Assessment of ad valorem tax.

(a)

As described in the City Charter, there shall be levied and collected an annual ad valorem tax upon all property in the city subject to municipal taxation under the law of the State of Georgia. The governing body shall, on or before the first regular meeting in July of each year, prescribe, fix, and levy an ad valorem rate of taxation against all the property returned and assessed as provided in this article, the Charter of the city and the law of the state.

(b)

Taxable tangible property shall be assessed at 40 percent of its fair market value and shall be taxed on a levy according to 40 percent of the property's fair market value. The city hereby elects to use the same fair market value and assessments as are used by Clayton County, Georgia, for the purpose of taxing real property located in the City of Riverdale, Georgia, as provided by the law of the state.

(c)

Each notice of ad valorem taxes due sent to taxpayers of the city shall include both the fair market value of the property and the assessed value of the property.

(d)

Taxes shall be charged against the owner of property if the owner is known and against the specific property itself if the owner is not known. Life tenants and those who own and enjoy the property shall be chargeable with the taxes on the property.

(Ord. No. 06-2007A, § 1, 3-26-07; Ord. of 7-14-08(3))

State law reference

Assessment of tangible property, O.C.G.A. § 48-5-7; certification of assessed taxable value of property and method of computation; resolution or ordinance required for millage rate; advertisement of intent to increase property tax, O.C.G.A. § 48-5-32.1; determination of fair market value for county and municipal ad valorem property taxation purposes; counties to furnish information relative to fair market value of property, O.C.G.A., § 48-5-352.