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Q: What is Business Personal Property?
A: Business Personal Property assets include furniture, fixtures, equipment, machinery and inventory used in the normal course of your business. Leased and rented equipment must also be reported but separately from owned assets. Q: I just opened a business. What must I file with the tax office?
A: All businesses in Gwinnett County should report Business Personal Property assets regardless of value. The return is available on the forms and applications page or click here. Q: What is the deadline for filing the Business Personal Property Return Form?
A: Assets owned as of January 1 of each year must be returned on or before April 1st of each year. Q: Does everyone have to pay tax on business personal property?
A: No, personal property valued at $7,500 or less is exempt from ad valorem taxes, but it must be returned, valued, and entered on the tax digest. Owners of personal property valued at less than $7,500 receive no bill. Q: How do I report Business Property assets?
A: Report Business Personal Property assets on state of Georgia form PT-50P. The return is available on the forms and applications page or click here.
Q: What exemptions are available to businesses?
A: If your business has inventory and you are a Georgia manufacturer or distributor that ships products out of Georgia, you may qualify for a Freeport Inventory Exemption. An application form (PT-50PF) is available on the forms and applications page or click here.
Q: What happens if I don't file a Business Personal Return or if I file it late?
A: We add a 10-percent non-filing penalty to all taxable unreported or late-reported assets.
Q: Can I file the Personal Property Return by facsimile or e-mail?
A: No, we cannot accept returns via email or fax. Q: Does the Personal Property Return have to be postmarked by the U. S. Post Office?
A: Yes, we cannot accept a metered return as proof of timely filing. Only the USPS cancellation stamp can be considered.
Q: How do I appeal my new valuation?
A: You must submit all appeals in writing, received, or USPS-postmarked within 45 days of the notice date. We can accept any letter of disagreement that identifies the property (by parcel number or address) and is timely filed as a formal appeal. Any information concerning the reasons for the appeal or information you can share about the property will greatly assist in the process. Grounds for appealing your valuation are: - Value: Would the property sell for the appraised amount?
- Taxability: Is the property taxable?
- Uniformity: Is the appraisal uniform with other similar property?
Q: Can I appeal my valuation via e-mail or fax?
A: No, we cannot accept an appeal via e-mail or fax. Metered mail is not acceptable as proof of a timely appeal. Only the USPS cancellation stamp is considered. Q: What happens after I appeal my valuation?
A: When we receive your appeal letter, the appeal process below is set in motion. If you choose arbitration, we simply hold your appeal for legal action (see number 6 below). 1. The appraisal staff reviews your appeal 2. If they agree to change your valuation, you'll receive a 30-day notice. If you're not satisfied with the revised appraisal, you have 30 days to appeal it to the Board of Equalization 3. If the appraisal staff does not change its appraisal, you'll be notified that your appeal will be forwarded to the Board of Equalization 4. If your valuation is either appealed or forwarded to the Board of Equalization, they will notify you of the date, time, and location of the appeal hearing 5. At that date and time, you can present your case to the Board of Equalization. The county appraiser will also be at the hearing and will present his/her supporting documentation concerning the appraisal of your property. After you and the county appraiser have presented supporting documentation, the Board of Equalization will deliberate rule on the appeal. You'll be notified of the ruling in writing 6. If you are not satisfied with the ruling of the Board of Equalization, you can appeal to the next level, Superior Court Q: What is the difference between the Board of Equalization and Arbitration?
A: The Board of Equalization: - Is made up of three-person panels appointed by the Grand Jury
- No member of the Board of Equalization has any affiliation with the Assessor's Office
- The Board of Equalization hears both sides (property owner and assessor) of a property value dispute
- After hearing both sides, the panel renders a decision that can be appealed by either party in Superior Court
- There is no additional cost to the taxpayer for a Board of Equalization hearing
Arbitration is a legal process defined in Georgia's Property Tax Code to provide a procedurally structured approach to a property tax appeal.
- Arbitration process begins with certification to the Superior Courts
- There is a $204.00 filing fee
- A Superior Court Judge appoints a referee (an attorney) to conduct the hearings on the property tax appeal
- The referee schedules an initial meeting where each party will name their arbitrator
- Arbitrators must be either an appraiser licensed by the Georgia Board of Real Estate Appraisers or an attorney
- The referee may act as a single arbitrator with agreement of both parties
- If there is no agreement to use a single arbitrator, the arbitrators for both sides then choose a third arbitrator
- This three-arbitrator panel sits as a jury when the testimony from both sides is presented
- The findings of this arbitration process are non-binding and may be appealed by either party to the Superior Court
- The total cost of this process can be substantial. Each side pays for its own arbitrator and divides equally the cost of the referee, the third arbitrator, and court-filing fee
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