Georgia statutes and regulations require that all aircraft, boats, and tangible business personal property (furniture, fixtures, equipment, inventory, etc.) be reported annually. Business personal property used or located in Glynn County should be reported on a “Personal Property Tax Return Form” (PT-50).
Statutes require that a value be determined even if the owner fails to file a return of value. Failure to file timely subjects the owner to possible penalties, loss of depreciation, and exemptions, if applicable.
Freeport Exemptions for manufactured goods and items destined for shipment to a final destination outside the State of Georgia may be available. This exemption requires an annual timely application to receive full or partial benefits. Freeport is separated into three categories:
Raw Materials and Goods in Process
Out of State Shipments
Business Personal Property
Personal Property accounts valued at $7,500.00 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 $7,500.00 receive no bill.
Please contact us at 912-554-7093 if you have any questions or need additional information.