If you own a business - furniture, fixtures, equipment, inventory, and supplies are considered personal property. Ownership of personal property is established as of January 1 each year. A property tax return must be filed with the Tax Assessor's Office annually, prior to April 1. Tax returns are mailed out in January.

How to Figure Tax: The assessed value (40 percent of the fair market value) of a house that is worth $100,000 is $40,000. In a county where the millage rate is 25 mills the property tax on that house would be $1,000; $25 for every $1,000 of assessed value or $25 multiplied by 40 is $1,000.

Georgia law requires owners of personal property in Georgia to file a return in the county where the owner resides. In most counties personal property tax reports should be filed between January 1 and April 1. In some counties the law specifies that returns should be filed between January 1 and March 1.

All property in Georgia is taxed at an assessment rate of 40% of its full market value. Exemptions, such as a homestead exemption, reduce the taxable value of your property. Let's say this homeowner has a standard homestead exemption of $2,000. The taxable value is then multiplied by the millage rate.

WHICH STATES DO NOT TAX BUSINESS PERSONAL PROPERTY? North Dakota. South Dakota. Ohio. Pennsylvania. New Jersey. New York. New Hampshire. Hawaii.

When calculating depreciation by age, a simple formula is used that divides the age by the life expectancy. For example, an item that is 10 years old and has an average life expectancy of 20 years, would calculate a suggested average depreciation of 50% (10 / 20 = . 50).

Tangible Personal Property (TPP): Includes assets such as machinery, equipment, furniture, fixtures, and other equipment that are not part of the building structure. These assets have a shorter depreciable life and can be depreciated over 5, 7, or 15 years instead of the standard 39 years for commercial buildings.

Note: 7-year class property is depreciated at a 200% declining balance.

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The appraisal staff shall identify personal property, determine its taxability, and classify it for addition to the county ad valorem tax digest. Your county may have a website to download real and personal property tax forms.Property tax forms should be returned to your county tax officials. You can deduct a part of your medical and dental expenses, and amounts you paid for certain taxes, interest, contributions, and other expenses. Business Personal Property assets must be reported on form PT-50P. The return is available on the forms and applications page or click here. This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information.

Personal Property Business Form With Decimals In Georgia

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