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Taxes

personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Georgia, personal property tax is an ad valorem tax, which means it is based on the value of the property. This tax applies to tangible personal property that is used in a business to generate income. Items such as motor vehicles, boats, and aircraft are subject to this tax. The tax is assessed annually by the county tax assessors in the county where the property is located. Business owners are required to report their personal property to the county tax assessor's office each year for assessment. The reported value is then used to calculate the tax owed. The tax rate varies by county and is applied to the assessed value of the property. It's important for business owners to be aware of the reporting deadlines and the specific requirements for their county to avoid penalties and ensure compliance with Georgia's personal property tax regulations.

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Taxes

personal property tax

Individual & Family Legal Plan

Articles

Georgia State Code

Taxes

personal property tax

Articles

Georgia State Code