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Overview of Georgia Taxes In general, property taxes in Georgia are relatively low. The median real estate tax payment in Georgia is $2,027 per year, about $800 less than the national average. The average effective property tax rate in Georgia is 0.81%.
Personal property in the State of Georgia is generally defined as any movable property; that is, property that is not permanently affixed to and part of real estate.
Business Personal Property assets are any furniture, fixtures, equipment, machinery and inventory used in the normal course of your business. Leased and rented equipment must also be reported, however, these assets are reported separately from the owned assets.
If you qualify for one of the other homestead exemptions listed and are age 65 or older as of January 1, you also qualify for an exemption from the State portion of ad valorem taxes in an amount equal to 100% of the value of your home and up to 10 acres of land.
Motor vehicles purchased on or after 1 March 2013 are exempt from property taxes. The annual tax is replaced with a one-time state and local Title Ad Valorem Tax paid when the ownership of the vehicle is transferred. These revenues are shared with the state, county, school district and cities.
What is Personal Property? "Tangible Personal Property" means personal property which may be seen, weighed, measured, felt, touched or which is in any other manner perceptible to the senses.
Tangible personal property is always depreciated over either a five- or seven-year period using straight-line depreciation but is eligible for accelerated depreciation as well.
All real property and all personal property are taxable unless the property has been exempted by law. (O.C.G.A. 48-5-3) Real property is land and generally anything that is erected, growing or affixed to the land; and personal property is everything that can be owned that is not real estate.