Atlanta CPA: Be Sure that you Business Pays Its Lowest Legal Possible Property Taxes on its Personal Property

Atlanta CPA: Be Sure that you Business Pays Its Lowest Legal Possible Property Taxes on its Personal Property

Understanding the Freeport Exemption: Gwinnett County, where I am a resident, the voters elected to exempt the following classes of commercial and industrial inventory:

• Class 1 - Raw materials & goods in process of manufacture - 100% exemption
• Class 2 - Finished goods produced in Georgia within last 12 months - 100% exemption
• Class 3 - Finished goods kept/stored in Georgia within the last 12 months and destined for shipment out-of-state - 100% exemption

Some Cities like Buford, Duluth, Grayson, Sugar Hill, and Suwanee in Georiga have also elected to exempt 100% of all qualified inventory. Accordingly it will be prudent to be sure that you check to see what the rules are in your local municipality.

The deadline for filing an application for Freeport Exemption with the Board of Tax Assessors is March 1 to receive the full exemption. Click the link below for more information on homestead exemptions: http://www.etax.dor.ga.gov/ptd/adm/taxguide/exempt/homestead.aspx

Please review the categories above and confirm what type of inventory/assets your company has relative to the three Classes Above. It was my understanding that when the property tax report was filed that you did the Freeport Exemption was not applicable. Please review advise. Below is a link to the Gwinnett County website where you can learn more about the Exemption:
http://www.gwinnettcounty.com/portal/gwinnett/Departments/FinancialServices/TaxAssessorsOffice/PersonalPropertyAppraisal/Exemptions

 Please be reminded that the Freeport Exemption has to be applied for by using the "Application For Freeport Exemption on Inventory" form (Georgia Department of Revenue Form PT-50PF) which can be also obtained at https://etax.dor.ga.gov/ptd/adm/forms/pt50pf/index.aspx

As rules vary from City, to County to State please be sure to read and correctly apply the law where your business is located.

John Dillard, CPA of His CPA, PC (An Duluth GA CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/  http://www.john-dillard.com/  To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304

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