If a business in Georgia has tangible property worth more than $7,500, they are required to pay an annual business personal property tax bill. Currently this affects about 450 business owners in Decatur, who pay personal property taxes to both the City of Decatur and DeKalb County.
We run into many business owners who either do not know or disagree with the valuation of their personal property. If you fall into this category, I recommend that you file a return of your business personal property with the DeKalb County tax assessor's office prior to their April 1 deadline to help ensure an accurate value for tax year 2013.
Being familiar with your own taxable property and its value is the best way to prevent surprises later on in the year when you receive your annual bill. If you or your business purchased property or had any significant changes to your fixed assets or business inventory, please let the county know.
Here are the guidelines from DeKalb County's website:
Georgia statutes and regulations require that all aircraft, boats, and tangible business personal property (furniture, fixtures, equipment, inventory, leaseholds. etc.) be reported annually. Business personal property used or located in DeKalb County should be reported on a "PT50P Business Personal Property Tax Return".
Statutes require that a value be determined even if the owner fails to file a BAR or return of value. Failure to file timely subjects the owner to possible penalties, loss of depreciation, and exemptions, if applicable.
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