A new measure signed into law by Governor Sonny Perdue on Wednesday is effective immediately and applies to all commercial and residential properties. It's retroactive to January 1 of this year and caps all real property assessments at zero percent for two years through early January 2011. The cap does not apply to correction of an assessment by local tax officials and properties sold or transferred must be valued at the most recent assessment. Additions and improvements to real property or property rezoned at the owner’s request will be valued at fair market value. Finally, the measure does not alter or affect new homestead exemptions.
