TITLE 48 REVENUE AND TAXATION

Section 5. Ad Valorem Taxation of Property, 48-5-1 through 48-5-607.

ARTICLE 10 AD VALOREM TAXATION OF MOTOR VEHICLES AND MOBILE HOMES

48-5-504.40. Watercraft and all-terrain vehicles held in inventory for resale exempt from taxation for limited period of time.

1. As used in this Code section, the term:
   1. "All-terrain vehicle" means any motorized vehicle designed for off-road use which is equipped with four low-pressure tires, a seat designed to be straddled by the operator, and handlebars for steering.
   2. "Dealer" means any person who is engaged in the business of selling watercraft or all-terrain vehicles at retail.
   3. "Watercraft" means any vehicle which is self-propelled or which is capable of self-propelled water transportation, or both.
2. Watercraft and all-terrain vehicles owned by a dealer and held in inventory for sale or resale shall constitute a separate classification of tangible property for ad valorem taxation purposes. The procedures prescribed in this chapter for returning watercraft or all-terrain vehicles for ad valorem taxation, determining the application rates for taxation, and collecting the ad valorem taxes imposed on watercraft or all-terrain vehicles do not apply to watercraft or all-terrain vehicles owned by a dealer and held in inventory for sale or resale. Such watercraft or all-terrain vehicles owned by a dealer and held in inventory for sale or resale shall not be returned for ad valorem taxation and shall not be taxed, and no taxes shall be collected on such watercraft or all-terrain vehicles until they are transferred and then otherwise, if at all, become subject to taxation as provided in this chapter.

(Code 1981, §48-5-504.40, enacted by Ga. L. 2006, p. 674, § 1/HB 1249; Ga. L. 2008, p. 944, § 1/HB 1046; Ga. L. 2010, p. 575, § 1/HB 1105; Ga. L. 2015, p. 1351, § 1/HB 457; Ga. L. 2016, p. 617, § 1/HB 769.)

The 2015 amendment, effective May 12, 2015, in subsection (b), substituted "Watercraft owned" for "Watercraft which is owned" at the beginning, substituted "watercraft owned" for "watercraft which is owned" in the second and third sentences, substituted "January 1, 2016, and concluding December 31, 2019" for "January 1, 2009, and concluding December 31, 2013" near the beginning of the third sentence, and substituted "taxation and" for "taxation," in the middle of the third sentence. See Editor's notes for applicability.

The 2016 amendment, effective May 3, 2016, added paragraph (a)(1); redesignated former paragraphs (a)(1) and (a)(2) as present paragraphs (a)(2) and (a)(3), respectively; inserted "or all-terrain vehicles" in paragraph (a)(2) and throughout subsection (b); in subsection (b), inserted "and all-terrain vehicles" near the beginning of the first sentence, in the third sentence, substituted "Such watercraft" for "For the period commencing January 1, 2016, and concluding December 31, 2019, such watercraft", and substituted "watercraft or all-terrain vehicles until they are transferred and then otherwise, if at all, become" for "watercraft until it is transferred and then otherwise, if at all, becomes". See Editor's notes for applicability.