What is a business personal property tax return in Georgia?

All businesses are required by law to file the Business Personal Property. Tax Return (PT-50P) to the Tax Assessor's Office by April 1st of each year. Personal property includes machinery, equipment, furniture, fixtures, inventory, supplies, and construction in progress.

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Bill of Sale
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Simple Bill of Sale for Personal Property Used in Connection with...

Personal Property Business Form For The Following Except In Wake

Category:

Bills of Sale - Businesses

State:

Multi-State

County:

Wake

Control #:

US-00167

Format:

Instant download

Description

The Personal Property Business Form for the following except in Wake is a Bill of Sale document designed to officially transfer ownership of personal property, such as furniture, equipment, inventory, and supplies, from one party to another in the context of a business sale. This form outlines the purchase price, the condition of the items being sold, and includes a clause specifying that the items are sold 'as is' without warranty. It requires signatures from both the seller and the purchaser, and must be notarized to validate the transaction. Key features include clear identification of the parties involved, a detailed description of the items being transferred, and an affirmation that the seller holds clear title to the property. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in business transactions, providing a simple and effective means to document the sale of personal property. It eliminates ambiguity regarding the condition of the property and the responsibilities of both parties, ensuring that legal standards are met during the transfer process. Users should ensure that the form is filled out accurately, signed, and notarized to prevent any future disputes regarding ownership or condition.

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FAQ

• All businesses are required by law to file the Business Personal Property. • Tax Return (PT-50P) to the Tax Assessor's Office by April 1st of each year. • Personal property includes machinery, equipment, furniture, fixtures, inventory, supplies, and construction in progress.

North Carolina defers a portion of the property taxes on the appraised value of a permanent residence owned and occupied by a North Carolina resident who has owned and occupied the property at least five years, is at least 65 years of age or is totally and permanently disabled, and whose income does not exceed $55,050.

To request an application for exemption, please call our office at 919-856-5400. The completed application must be filed with the Department of Tax Administration during the regular listing period, which is from January 1 through January 31 each year.

Individual Personal Property includes: Unlicensed vehicles, which are those not having an active North Carolina registration on January 1 of a year, including automobiles, trucks, trailers, permanent multi-year trailers, campers and motorcycles. Boats, Boat Motors, Jet Skis, etc. Mobile Homes.

North Carolina excludes from property taxes a portion of the appraised value of a permanent residence owned and occupied by North Carolina residents aged 65 or older or totally and permanently disabled whose 2024 income does not exceed $37,900 annually.

Some goods are exempt from sales tax under North Carolina law. Examples include most non-prepared food items, food stamps, and medical supplies. We recommend businesses review the laws and rules put forth by the NCDOR to stay up to date on which goods are taxable and which are exempt, and under what conditions.

Personal property owners are responsible for annually completing and submitting a personal property listing form to the Tax Office. Individual Personal Property includes, but is not limited to unlicensed motor vehicles, jet skis, campers, camper trailers, aircraft, manufactured homes, boat motors and gliders.

North Carolina General Statutes allow for certain types of property to be exempt from property taxes. Exempt property may include but is not limited to the following: Property used for religious purposes. Property set aside for burial purposes.