Business Personal Property Taxes

What Is Personal Property Tax?

Personal property tax is a tax imposed by state or local governments on certain assets that can be touched and moved, such as cars, livestock, or equipment. Generally, personal property means assets other than land or permanent structures, such as houses, which are considered real property.

Each locality can apply different personal property tax rules and those who collect it typically use the proceeds to fund public works projects, such as road maintenance or the construction of schools.

Personal Property Taxes in Georgia

In Georgia, personal property tax is a tax on the value of all personal property unless exempt. (Intangible personal property is not taxed.) All business personal property assets must be reported. Inventory must be reported on the return, but more than 90% of Georgia counties have adopted some level of exemption for inventory via the Freeport Exemption.

Tangible personal property returns must be filed annually with the county tax commissioner or county board of tax assessors. There is a 10% penalty for late filing or non-filing.

In Georgia, business personal property tax notices are only required to be mailed if the assessor disagrees with the taxpayer’s tax return. There is a 40% assessment ratio across the state, which means taxpayers are taxed on 40% of the fair market value of their assets, unless otherwise specified by a particular jurisdiction. Some jurisdictions, typically cities, tax at 100% or the fair market value.

If you believe your property has been assessed unfairly, you may appeal the decision; the deadline for filing an appeal is 45 days after the notice was mailed.

Counties set their own individual tax bill due dates. For most counties in Georgia, deadline is March 1st or April 1st. Note that some counties even have different dates from one year to the next; keeping track of those dates and paying on time is imperative to avoid penalties.

If you are a Taxperts full-service business client, we take care of that for you and not only ensure timely filing but also assist with related payments and assessment discrepancies with counties if any.

Be sure to consult with your tax professional to analyze your specific tax situation. At Taxperts, we can assess your small business structure and suggest ways to increase your savings. Check out our website, Facebook page, or LinkedIn page to learn more.

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