Personal Property Information
All returns must be received by our office on or before April 1st. This deadline is mandated in O.C.G.A 48-5-18. An official United States Postmark must accompany returns mailed on the first. No metered mail will be accepted as timely filed unless it is physically received by our office on or before April 1st.
Freeport application must be received by our office on or before April 1st. After the statutory deadline outlined in O.C.G.A 48-5-48.1 and O.C.G.A. 48-5-48.2 a pro-rata amount may apply. The application for Freeport exemption must be reconciled prior to the Board of Assessors approving or denying the application. You must submit company financials that support the Freeport exemption being sought along with supporting documents for all Inventory listed on the Freeport application (PT50PF) and on the business personal property return (PT50P) schedule B Failure to supply this information will delay the application reconciliation process and in turn, delay it being forwarded to the Board of Assessors for review.
A detailed list of assets is needed to verify the accuracy of your business personal property (PT50P) return as per the instructions. Most companies will attach an asset listing, depreciation schedule, and a list of directly expensed items not appearing on the two aforementioned documents.
All assets owned in your business including newly purchased assets and disposals should be reported on the business personal property return (PT50P). If a detailed list of disposals isn’t submitted those assets will not be removed from the business account.
Its important that changes in ownership of property be timely reported on these returns. Types of property that should be reported on the Marine return (PT50M) are newly purchased boats, boats currently owned, and boats that are sold along with the new owner’s name and address.
All changes to your account must be made between January 1st and April 1st. No changes will be made to your account after this state deadline has passed. An example of this would be asking our office to remove a boat when you receive your tax bill in September.
All unreturned property will have a 10 percent penalty applied if it isn’t timely returned as required by O.C.G.A 48-5-18 and O.C.G.A 48-5-299.
When filling out your returns for personal property remember that all property that was owned as of January 1st must be listed on the renditions.
If you have any questions please feel free to call our personal property appraiser, Debbie Moreno at 706-342-0551.