After researching the effective date of SB 346, it appears that that Section 5-2 provision (using no higher than purchase price as property value) and most of the rest of the Bill becomes effective 1-1-2011. (SB 346 history and Bill at Georgia General Assembly website - http://www1.legis.ga.gov/legis/2009_10/search/sb346.htm)
As a side note, the following link states that Part XIII and Part VI of SB346 shall become effective upon approval by the Governor (signed 6-4-2010) or upon it becoming law w/o such approval (I think if Governor didn't sign or veto, it then automatically becomes law in Georgia) ; assume (effective) for tax year 2010; all other provisions become effective January 1, 2011; http://www.gaptp.com/docs/SB346.pdf
I welcome any clarification to these findings.
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