O.C.G.A. § 48-5-42.1 (2019)
(For effective date, see note.) Exemption for personal property with value not exceeding $7,500.00
(a) It is the intent of this Code section to exempt from the payment of ad valorem taxation certain tangible personal property on which the tax due does not exceed the reasonable cost of administering and collecting the tax.
(b) All tangible personal property of a taxpayer, except motor vehicles, trailers, and mobile homes, shall be exempt from all ad valorem taxation if the actual fair market value of the total amount of taxable tangible personal property owned by the taxpayer within the county, as determined by the board of tax assessors, does not exceed $7,500.00.
History
Code 1981, § 48-5-42.1, enacted by Ga. L. 1986, p. 878, § 1; Ga. L. 1988, p. 13,
§ 48; Ga. L. 2001, p. 1218, § 1; Ga. L. 2024, p. 696, § 1/HB 808, see notes for effective date.
Delayed effective date. Ga. L. 2024, p. 696, § 3/HB 808, provides that the 2024 amendment becomes effective upon approval by the voters held at an election on November 5, 2024. The Secretary of State shall cause the date and purpose of the election to be published once a week for two weeks immediately preceding the date thereof in the official organ of each county in the state. The ballot shall have written or printed thereon the words: “( ) YES Do you approve the Act that ( ) NO increases an exemption from property tax for all tangible personal property from $7,500.00 to $20,000.00?” If more than one-half of the votes cast on such question are for approval of the Act, Section 1 of this Act shall become of full force and effect on January 1, 2025. If the Act is not so approved or if the election is not conducted as provided in this section, Section 1 of this Act shall not become effective and this Act shall be automatically repealed on the first day of January immediately following such election date. It shall be the duty of each county election superintendent to certify the results thereof to the Secretary of State. This Code section as amended is not set out in the Code owing to the delayed effective
date. If the voters approve, subsection (b) will read: “(b) All tangible personal property of a taxpayer, except motor vehicles, trailers, and mobile homes, shall be exempt from all ad valorem taxation if the actual fair market value of the total amount of taxable tangible personal property owned by the taxpayer within the county, as determined by the board of tax assessors, does not exceed $20,000.00.” Amendments. The 2024 amendment substituted “$20,000.00” for “$7,500.00” at the end of subsection (b). For effective date of this amendment, see the delayed effective date note.
Annotations
Editor’s notes. The Act (Ga. L. 1986, p. 878) which enacted the exemption granted by this Code section and which became effective on January 1, 1987, and was applicable to all tax years beginning on or after January 1, 1987, was approved by a majority of the voters voting at the November, 1986 general election. The state-wide referendum (Ga. L. 2001, p. 1218, § 2), which provided for an ad valorem tax exemption for tangible personal property not exceeding $7,500.00 total was approved by a majority of the qualified voters voting at the November, 2002 general election.