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In the United States, there are 39 states, including Georgia, that have an ad valorem personal property tax.
Personal Property is generally defined as all goods or property other than real estate that the business owner can physically possess, has intrinsic value and that can be physically relocated. For example, furniture, equipment, and/or inventory that is used to conduct business.
Everything that is moveable, inside or outside, of the Short-Term Rental Property is considered personal property. This includes:
If you have a home business, any items used for a home business (including any personal items used for business purposes) is considered to be business personal property and must be reported.
Anyone who has a proprietorship, partnership, corporation, is a self-employed agent or contractor, and anyone who leases, lends or rents property must file a return for tangible personal property.
Sources the Tax Assessor’s Office use for discovery of personal property include:
Taxpayers are required to complete a PT50P return during the filing period of January 1 through April 1. There are no filing extensions available.
In Georgia, the Assessed Value is 40% of the Fair Market Value.
Review this example of how the ad valorem taxes are calculated on the Fair Market Value of $100,000.
100,000× 0.40 =40,000 (assessed value or taxable value)× 0.021445 (mill rate for your tax district) =$857.80 (approximate yearly taxes)
All Short-Term owners in Greene County should report their assets owned, as of January 1, regardless of value. All assets are to be reported at the original cost new or replacement cost new. When reporting assets, be as detailed as possible to ensure accurate valuation.
Everything that is moveable, inside or outside, is considered personal property. This includes all:
If you purchased the home with furnishings included, please highlight these items and estimate a new replacement cost. We will use the purchase date of the home as the age of the item.
Please note that all items must be returned at the original cost new. In the case of used items, you must estimate the replacement cost for the item if you were to purchase it new today.
Failure to file a return will result in an estimate of value.