Personal Property Guide for Business Owners
As a business owner in Georgia you are required to report business personal property assets including furniture, fixtures, equipment, machinery, inventory and supplies used in the normal course of your business. Leased and rented equipment must also be reported but separately from owned assets.
All businesses in Gilmer County should report business personal property assets regardless of value. New or replacement cost new of each item needs to be reported along with the year acquired and age of each item. Capitalized as well as expensed items must be reported.
Assets owned as of January 1 of each year must be returned on or before April 1 of each year.
Businesses who obtain a license for the first time will receive a Business Personal Property Return (PT-50P) in the mail during January.
All returns must be filed by April 1 to be considered on time. We cannot accept the return by email or fax and it must be postmarked by April 1. Metered mail will not be accepted as proof of on time filing.
A 10% penalty will be applied to all assets unreturned or returned after April 1.
Failure to file a return may result in an audit and/or valuation of your business based on similar businesses in your industry.