The Georgia General Assembly has taken action in an effort to soften the blow of the current economic crisis for Georgia taxpayers. With the passage of HB 233, the General Assembly has established a moratorium on all property tax assessment increases for the 2009 & 2010 tax years. The bill reads:

In recognition of the emergency situation and fiscal conditions set forth in subsection (a) of this Code section and pursuant to the authority specified in subsection (a) of this Code section, for taxable years beginning on or after January 1, 2009, and continuing only until the Sunday immediately preceding the second Monday in January, 2011, a moratorium is declared on all increases in the assessed value of all classes of all subjects of property which are subject to ad valorem taxation property except as specifically permitted under this Code section.

The Governor signed the bill into law yesterday.