Preferential Assessment for Agricultural Property
(Statewide Ref. Ga Code Ann. 48-5-7.4.1)

Property eligible for preferential agricultural assessment is 2000 acres or less of tangible real property, owned by one or more natural or naturalized citizens or a family farm corporation, the controlling interest of which is owned by individuals related to each other within the fourth degree by civil reckoning, and such corporations derived 80% or of its gross income for the year immediately preceding the year in which application for preferential assessment is made from bona fide agricultural pursuits carried out on tangible real property located in this state which
property is devoted to bona fide agricultural purposes.

1. The primary use of the property is good faith commercial production from or on the land of agricultural products, including horticultural, floricultural, forestry, dairy, livestock, poultry, and apiarian products and all other forms of farm products.
    
2. Includes $100,000 or less of the value of tangible real property devoted to the storage or processing of agricultural products from or on the property.
    
3. The entire value of any residence located on the property is excluded.
    
4. No property shall qualify for preferential assessment under this Code section unless and until the owner of such property agrees by covenant with the appropriate taxing authority to maintain the eligible property in bona fide agricultural purposes for a period of ten years beginning on the first day of January of the year in which such property qualifies for preferential assessment and ending on the last day of December of the final year of the covenant period.
    
5. No property shall maintain its eligibility for preferential assessment under this Code section unless a valid covenant remains in effect and unless the property is continuously devoted to bona fide agricultural purposes during the entire period of the covenant.
    
6. Tangible real property which is devoted to bona fide agricultural purposes shall be assessed for ad valorem property tax purposes at 75% of the value which other tangible real property is assessed and shall be taxed on a levy made by each respective tax jurisdiction according to said assessment.
    
7. All applications for preferential assessment, including the covenant agreement, shall be filed on or before April 1, for the year for which such preferential assessment shall be first applicable.