Personal property valued at $20,000 or less is automatically exempt from ad valorem taxes. The property, however, must be returned, valued, and entered on the tax digest. Owners of personal property with a value of less than $20,000 receive no bill.
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Business Personal Property Returns
If you own a business, airplane, or boat in Georgia, you are required to file a Personal Property Return each year between January 1 and April 1. This return reports all taxable personal property you own as of January 1.
What You Need to Report:
- Business assets used in the normal course of your business, including furniture, fixtures, equipment, machinery, inventory, and supplies.
- Leased or rented equipment (reported separately) Aircraft (file using the PT-50A Aircraft Tax Return).
- Boats and motors (file using the PT-50M Marine Return), including purchase, sale, and new owner details (if recent sales occurred)
Important Details:
- Return forms are mailed as a courtesy but not receiving one does not excuse you from filing.
- Returns must be postmarked by April 1. Email, fax, or metered mail won’t be accepted as proof of timely filing.
- A 10% penalty applies to late or unreturned property.
- You must report all assets, including new purchases and disposals. If you don’t submit a detailed list of disposals, those assets will remain on your account.
- Include a detailed asset list to ensure accuracy.
- All changes, including ownership updates or asset removals, should be made within the filing window of January 1 to April 1.
- Failure to file can lead to audits or your property being valued based on similar businesses.
Penalties are enforced under Georgia law (O.C.G.A. 48-5-18 and 48-5-299).
Personal Property Freeport Exemptions
The following types of tangible personal property qualify for tax exemption when a Freeport application is included with a timely filed Return:
- Inventory of goods in the process of being manufactured or produced including raw materials and partly finished goods; 100% exemption
- Finished goods produced in Georgia within the last 12 months: 100% exemption
- Finished goods stored in Georgia within the last 12 months and destined for shipment out of state: 100% exemption
The Freeport filing date for 100% exemption is January 1 through April 1. The exemption amount for late filed applications is:
| April 2 to April 30: | 66.67% |
| May 1 to May 31: | 58.33% |
| June 1: | 50% |
Exemptions not filed by June 1 waive the entire exemption for the year.
Property Tax Exemptions & Deferrals
Certain properties are exempt from ad valorem taxes based on ownership and use of the property. (Georgia Code 48-5-41) The general rule for all exemptions is:
- Property owner is a nonprofit organization (a copy of your IRS 501(c)(3) award letter will be requested)
- The owner must be using the property
- Use of the property by the owner must be for a purpose expressly exempted in Georgia Code
A property is not exempt if primarily used by a person or organization other than the owner of record, or if it is rented, leased, or used for the primary purpose of securing an income. Latent ownership of a property by a nonprofit organization does not qualify the property for exemption. For more information, please contact our office.
The following categories are exempt:
- Places of religious worship
- Purely public charities
- Nonprofit hospitals
- Educational institutions
- Air or water pollution facilities
- Nonprofit homes for the aged or mentally disabled
- Veteran’s organizations
- Historical fraternal benefit associations chartered prior to January 1, 1880
**Please Note: Exempt status requires completion of an Exempt Questionnaire, eligibility review, and approval by the Board of Assessors**