Georgia farm owners may qualify for a conservation use valuation assessment (CUVA) covenant, which can result in significant property tax savings.
CUVA is available to certain property owners, including individuals, family owned entities, estates, and trusts, who own land used primarily for agricultural purposes or conservation purposes. Qualified property owners can enter into 10-year CUVA covenant, during which they will received reduced property taxes in exchange for the promise to keep their land in its agricultural or conservation use.
The CUVA program was instituted to relieve farm owners from the pressure to sell their land for residential or commercial uses due to high property taxes.
Property owners interested in CUVA must careful consider if they meet the criteria and monitor their activities for the duration of the covenant. Breaches of the covenant are costly: property owner are penalized twice the tax savings for each year they have been in the covenant.
If you have questions about applying for CUVA or dealing with CUVA breaches, contact Sorenson Law at 404-507-6388.