Georgia Business Personal Property Tax Planning Tips for 2013

Here is a compilation of our most frequently asked questions about business personal property taxes.  We incorporated many of the tips that we have included on this blog.  Please feel free to ask any questions that we can add to future blog posts!


http://ezinearticles.com/?Georgia-Business-Personal-Property-Tax-Planning-Tips-for-2013&id=7446774

Michigan House Repeals Personal Property Tax

Business personal property taxes will go the way of the dinosaur within the next ten years.  While this is great news for business and industry, local governments WILL raise taxes on businesses and homeowners to replace this lost revenue.  Be prepared for increasing millage rates...

Michigan Personal Property Tax Repeal

Georgia Freeport Exemption Article Update

I revised my original article regarding the Georgia Freeport Exemption to include the recent passage of HB 48.  Check out the link:

http://ezinearticles.com/?Georgia-Freeport-Exemption---Dont-Leave-Money-on-the-Table!&id=7245099

Gwinnett County Property Taxes Stay the Same

7/24/2012
The Gwinnett Board of Commissioners decided on Tuesday to keep tax rate at 13.02, but Peachtree Corners property owners will see a slight increase as city taxes kick in for 2012.

July 23, 2012



There's good news for Gwinnett County propertery owners, come August when property tax bills arrive, homeowners won't see a tax increase. At least on the county's portion.

However, Peachtree Corners property owners will see a slight uptick on their bills. The new city established its millage rate at .85 mills for 2012.

On Tuesday the Board of Commissioners set the 2012 millage rate at 13.02 mills which is the same rate as last year. In 2013 commissioners had lowered the rate by .23 mills. That reduction came after the county had payed off a 1986 bond issue for roads and libraries.

In a press release Commission Chairman Charlotte Nash said, “We’re not out of the woods yet from a general economic standpoint, but I’m proud of County elected officials and staff for working so hard to balance the 2012 budget with the same millage rate as last year without any major reductions in services.”

Property tax bills will go out in mid–August, with payment due in mid-October. The bills can be paid by:

Phone
At the main tax office in person
Or at one of the special drop boxes at the tax and tag office

If you'd like to see how your tax money is allocated, the county's website has an interactive feature that allows homeowners to enter a property address (or fair market value) and the calculator will return an estimate of taxes for the county, schools, state and city that bill through the tax commissioner.


Because the tax digest is 5 percent lower than last year, there's about $14.8 million less revenue for the county's general fund this year. According to the county "nearly 26,000 property owners appealed their assessments in 2012, which is one of the factors that contributed to the loss in the tax digest."





http://peachtreecorners.patch.com/articles/county-s-millage-rate-unchanged-for-2012

More Business Personal Property Tax Tips...

Hang on to asset receipts!  Business personal property is usually valued at original purchase cost.

If there is no “ready market” for the sale of equipment, machinery, and fixtures, the fair market value may be determined by resorting to any reasonable and relevant information available.

• ·         Original/historic cost
• ·         Depreciation
• ·         Obsolescence

Receipts, sales listings, online ads, catalogs, etc. may the best available resources to determine fair market value of fixed assets.   Most assessors use the original cost as the basis of value, and then apply a depreciation factor based on the purchase date of the asset. 

Selected for a Business Personal Property Tax Audit...Now What?

Many prospective clients call me in a panic regarding an ominous business personal property audit notice.  This article is a synopsis of the basic steps one should take if ever selected for audit.  


http://goarticles.com/article/Selected-for-a-Business-Personal-Property-Tax-Audit-Now-What/6655808/

Kennesaw State University SBDC ABC's Fair 2012

Equity Tax Consultants will be participating in the ABC's Fair sponsored by Kennesaw State University's Cole College of Business on June 28, 2012 from 4-7 p.m.  ABC stands for Attorneys, Bankers, and CPA's.  Come join us for light refreshments, information, and door prizes!

http://coles.kennesaw.edu/centers/small-business-development/ABCsFair.htm