In accordance with OCGA § 48-5-511 a and b, Georgia Power Company provided a 2003 return to the State Revenue Commissioner Commissioner and the State Board of Equalization State Board showing approximately $8.8 billion as the fair market value of all of its real property holdings in the State of Georgia. After reviewing the return, the Commissioner approved this fair market value and apportioned it among the numerous counties of the state in which Georgia Power held real property. The apportioned value of real property held by Georgia Power in Monroe County was calculated to be approximately $229 million. The Commissioner then multiplied this apportioned value by a 36.27 assessment ratio, resulting in an assessment value of Georgia Powers’ Monroe County property of approximately $83 million. Based on these calculations, the Commissioner arrived at a proposed tax assessment of the Monroe County property equal to approximately $2 million. After being notified of the Commissioner’s proposed assessment, the Monroe County Board of Tax Assessors Monroe County Board decided to reject both the Commissioner’s determination of fair market value for the property as well as the 36.27 assessment ratio which had been used. Instead, the Monroe County Board determined that Georgia Power’s property had a fair market value of $701 million, and it increased the assessment ratio to 40. These altered figures resulted in a final tax assessment of approximately $5.98 million, rather than the $2 million tax proposed by the Commissioner.
Georgia Power objected to the Monroe County Board’s calculations, and brought an action for equitable relief. The trial court rejected Georgia Power’s arguments and entered summary judgment in favor of the Monroe County Board. Georgia Power appealed this decision, and, in Georgia Power Company v. Monroe County , 284 Ga. App. 707 644 SE2d 882 2007, the Court of Appeals held that, although the Monroe County Board had the authority to alter the assessment ratio proposed by the Commissioner, it lacked the authority to alter the apportioned fair market value for the property used by the Commissioner in his proposed assessment. We granted certiorari to determine the propriety of this holding. For the reasons set forth below, we affirm.
