Form PT-50P "Tangible Personal Property Tax Return and Schedules" - Georgia (United States)

What Is Form PT-50P?

This is a legal form that was released by the Georgia Department of Revenue - a government authority operating within Georgia (United States). As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on January 18, 2017;
  • The latest edition provided by the Georgia Department of Revenue;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;

Download a fillable version of Form PT-50P by clicking the link below or browse more documents and templates provided by the Georgia Department of Revenue.

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Download Form PT-50P "Tangible Personal Property Tax Return and Schedules" - Georgia (United States)

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(revised 1/18/2017)
PT-50P
OFFICIAL TAX MATTER
TANGIBLE PERSONAL PROPERTY TAX RETURN AND SUPPORTING SCHEDULES
Clear Form
Print Form
(revised 1/18/2017)
PT-50P
OFFICIAL TAX MATTER
TANGIBLE PERSONAL PROPERTY TAX RETURN AND SUPPORTING SCHEDULES
Clear Form
Print Form
INSTRUCTION SHEET
INSTRUCTIONS FOR PAGE ONE - BUSINESS PERSONAL PROPERTY TAX RETURN
1.
If taxpayer name or address has changed or is incorrect, provide correct name and address in the space provided.
2.
To avoid a 10% penalty on assets that have not been previously returned, this return must be filed no later than date listed under the due date column
on page one.
3.
Taxpayer return value: Georgia Law (O.C.G.A.§ 48-5-6) requires the taxpayer to return property at its fair market value. If the values indicated from
Schedules A, B, or C do not in your opinion reflect fair market value, you may list your opinion here. Attachments must be provided by you listing the
reasons for change.
4.
Value from Schedule A, B, & C: Schedules A, B, & C should be completed and the total values from these schedules should be listed in this column.
5.
Taxpayers Declaration: This declaration must be signed by the taxpayer or agent and dated in order for this to be a valid return.
INSTRUCTIONS FOR PAGE TWO - GENERAL INFORMATION AND IMPORTANT INFORMATION
1.
The information requested in the general information section is very important. This area should be completed in detail. The information in this section is
open for public inspection.
2.
The information found in the reference information section may be of great interest to the taxpayer. This section contains information about various laws and
exemptions that may be available to the taxpayer.
INSTRUCTIONS FOR PAGE THREE - SCHEDULE A - FURNITURE / FIXTURES / MACHINERY / EQUIPMENT
1.
This section provides for the uniform calculation of value for all assets of the business owned on January 1 of this year. Expensed assets as well as
capitalized assets should be listed and valued using indicated schedule. Leasehold improvements personal property in nature and trade fixtures should also
be reported on this schedule. Leasehold improvements such as walls, doors, floor covering, electrical, plumbing, heating and air distribution systems, ceiling
and lighting that are attached to and form an integral part of the building should not be reported as personal property.
2.
The indicated basic cost approach value of assets for tax purposes is computed by multiplying the total adjusted original cost new by the composite
conversion factor of each year’s acquisition listed in the appropriate economic life group. Cost amounts are subject to audit. Cost should include installation,
trade-in allowances, sales tax, investment credits, transportation, etc.
3.
Internal Revenue Service Publication 946 “How to Depreciate Property” Appendix B - Table of Class Lives and Recovery Periods - column
headed “Class Life in Years”, should be used for determining the economic life group of an asset for Ad Valorem Tax purposes. See
examples of economic life groups listed below. ACRS and MACRS should not be used for determining the economic life of an asset for Ad Valorem Tax
purposes.
4.
Deduct cost of items disposed of or transferred out from the cost of assets acquired during the corresponding year; add cost of items transferred in.
(Disposals include only those items which have been sold, junked, transferred or otherwise no longer located at the business on January 1, this year). List
disposals and items transferred in or out and reasons for disposals or transfer on page 4 under sections three or four.
5.
A copy of the most current asset listing indicating the date of acquisition, original cost, and description of each asset should be submitted with this schedule.
If an asset listing is not available please submit a copy of your most current I.R.S. form 4562 Depreciation Schedule and all supplemental schedules utilized
to develop depreciation deduction for A.C.R.S. assets and assets listed under the column headed “Other Depreciation” as well as supplemental depreciation
schedule used for M.A.C.R.S. assets. This information is needed for verification purposes and is not available for public inspection (O.C.G.A.§ 48-5-314).
DEPRECIATION GROUPING EXAMPLES
GROUP 4: ECONOMIC LIFE OF 1-4 YEARS
GROUP 1: ECONOMIC LIFE OF 5-7 YEARS
GROUP 2: ECONOMIC LIFE OF 8-12 YEARS
GROUP 3: ECONOMIC LIFE OF 13 YEARS OR MORE
ALSO ASSET CLASS 00.12 IRS PUBLICATION 946
01 ) Copiers, Duplicating Equip., Typewriters
01) Office Furniture, Fixtures and Equipment
01) Petroleum Refining Equipment
0
1) Computers - Non Production
02) Calculators, Adding and Accounting Machines
02) Agriculture Machinery and Equipment
02) Grain and Grain Mill Products (Mfg.)
02) Peripheral Computer Equipment
03) Electronic Instrumentation Mfg.
03) Recreation or Entertainment Services
03) Mfg. of Sugar and Sugar Products
03) Jigs, Dies, Molds, Patterns
04) Construction Equipment
04) Mining and Quarrying
04) Mfg. of Vegetable Oils and Products
04) Special Tools and Gauges
05) Timber Cutting Equipment
05) Mfg. of Textile Products
05) Mfg. of Tobacco and Tobacco Products
05) Returnable Containers
06) Mfg. of Electronic Components & Products
06) Mfg. of Wood Products and Furniture
06) Mfg. of Pulp and Paper
06) Special Transfer and Shipping Devices
07) Radio and T.V. Broadcasting Equipment
07) Permanent Sawmills
07) Mfg. of Rubber Products
07) Pallets
08) Drilling of Oil and Gas Wells
08) Mfg. of Chemicals and Allied Products
08) Mfg. of Cement
08) Rental Movies
09) Temporary Sawmills
09) Mfg. of finished Plastics Products
09) Mfg. of Stone and Clay Products
09) Card Readers
10) Any Semiconductor Mfg. Equipment
10) Mfg. of Leather and Leather Products
10) Mfg. of Primary Nonferrous Metals
10) High Speed Printers
11) Telegraph and Satellite Communications
11) Mfg. of Electrical and Non-electrical Machinery
11) Mfg. of Foundry Products
11) Data Entry Devices
12) Vending Equipment, Coin Operated
12) Mfg. of Athletic, Jewelry and Other Goods
12) Mfg. of Primary Steel Mill Products
12) Teleprinters
13) Rental Appliances and Televisions
13) Retail Trades Furniture, Fixtures and Equipment
13) Tanks and Storage
13) Plotters
14) Hand Tools
14) Restaurant and Bar Equipment
14) Billboards/Signs
14) Terminals, Tape Drives, Disc Drives
15) Nuclear Fuel Assemblies
15) Hotel and Motel Furnishing and Equipment
15) Radio/T.V. Antennas and Towers
15) Magnetic Tape Feeds
16) Fishing Equipment
16) Automobile Repair and Shop Equipment
16) Cold Storage and Ice Making Equipment
16) Optical Character Readers
17) Cattle, Breeding, or Dairy Equipment
17) Personal and Professional Services
17) Mfg. of Glass Products
INSTRUCTIONS FOR PAGE FOUR - BUSINESS PERSONAL PROPERTY SCHEDULE B - INVENTORY
1.
Inventory should be reported at 100% cost on January 1, this year. Cost should include, but not be limited to, freight in, overhead or burden, Federal, State,
or Local Taxes, or any other charges imposed upon the item that makes it more valuable to the owner. Costs will be arrived at by converting anything other
than current cost back to cost. “LIFO” is not acceptable.
2.
The name and address of the legal owner of any consigned goods or any other type goods not owned by you and not reported under Schedule B should be
listed under Section 1, Consigned Goods. This will insure that the taxes are charged to the legal owner.
3.
Schedule C - Construction in Progress - if you had any unallocated cost for Construction in Progress, which is personal property in nature, that was not
reported under Schedule A it should be reported under Schedule C. A description of the property, year acquired, useful life in years, and total cost should be
reported.
4.
If you had in your possession on January 1 any leased or rented equipment, machinery, furniture, fixtures, tools, vending machines, or other types of property,
the legal owners name and address should be listed under Section 2 headed Leased or Rented Equipment. This will insure that the taxes are charged to the
legal owner.
NOTE: Schedules A, B, and C and all documents furnished by the taxpayer are considered confidential and not open to public inspection. O.C.G.A.,§ 48-5-314.
Returns are public information.
BUSINESS PERSONAL PROPERTY
TAX YEAR
IF ASSISTANCE NEEDED CALL
ACCOUNT NUMBER
TAX RETURN
THIS RETURN IS CONSIDERED PUBLIC INFORMATION
MAP AND PARCEL I.D. NO.
DUE DATE
NAICS NO.
AND WILL BE OPEN FOR PUBLIC INSPECTION
RETURN COMPLETED FORM TO ADDRESS LISTED BELOW.
TAXPAYER NAME AND ADDRESS
COUNTY NAME AND RETURN ADDRESS
BUSINESS PHYSICAL LOCATION
To avoid a 10% penalty on items not previously returned,
file not later than the due date listed above. This return is
IF MAILING ADDRESS OR NAME IS INCORRECT, PLEASE
CORRECT IN THE SPACE PROVIDED BELOW.
subject to audit by the Board of Tax Assessors under
NAME:
O.C.G.A. §48-5-299 and §48-5-300. The return and
supporting schedule must be completed and returned in
ADDRESS:
order for property to be properly returned. Department of
Revenue Rule 560-11-10-.08 (3) (C)
CITY, STATE, ZIP:
The values from Schedules A, B, and C should be listed below.
If these
L
values, in your opinion, do not reflect fair market value the
n declare
I
your estimate of value under the column headed Taxpayers Returned Value.
N
PERSONAL PROPERTY STRATA
E
FOR TAX
TAXPAYER RETURNED
INDICATED VALUE FROM
OFFICE USE
VALUE, AS OF JAN. 1
SCHEDULES A, B, & C
F. Furniture/Fixtures/Machinery/Equipment — includes all
fixtures, furniture, office equipment, computer hardware,
production machinery, off-road vehicles, farm equipment and
implements, tools and implements of manual laborers’ trade,
leasehold improvements personal property in nature and
construction in progress personal property in nature.
I.
Inventory — Includes all raw materials, goods in process,
finished goods, livestock and agricultural products, all
consumable supplies used in the process of manufacturing,
distributing, storing or merchandising of goods and services,
floor planned inventory and spare parts.
Does not include Freeport Exemption amount granted under
O.C.G.A.§ § 48-5-48.2 or 48-5-48.6.
P. Freeport Inventory — Includes inventory exemption amount
Under O.C.G.A. §§ 48-5-48.2 and 48-5-48.6
Z. Other Personal — Includes all personal property not otherwise
defined above.
TOTALS
It shall be the duty of the county Board of Tax Assessors to investigate and to inquire into the property owned in the county for the purpose of
ascertaining what property is subject to taxation and to require the proper return of the property for taxation.
TAXPAYER’S DECLARATION
“I do solemnly swear that I have carefully read (or have heard read) and have duly considered the questions propounded in the
foregoing tax list, and that the value placed by me on the property returned, as shown by the list, is the true market value thereof;
and I further swear that I returned, for the purpose of being taxed thereon, every species of property that I own in my own right
or have control of either as agent, executor, administrator, or otherwise; and that in making this return, for the purpose of being
taxed thereon, I have not attempted either by transferring my property to another or by any other means to evade the laws
governing taxation in this state. I do further swear that in making this return I have done so by estimating the true worth and value
of every species of property contained therein.”
TAXPAYER OR AGENT X _____________________________________________________________________________
Signature
PLEASE PRINT OR TYPE NAME ______________________________________________________________________
TITLE ______________________________ DATE: __________________ PHONE NUMBER: ______________________
PAGE 1
GENERAL INFORMATION - THIS SECTION SHOULD BE COMPLETED IN DETAIL
(NOTE: THIS INFORMATION IS OPEN TO PUBLIC INSPECTION)
1. CHECK TYPE OF BUSINESS:
COMMERCIAL [
]
INDUSTRIAL [
]
AGRICULTURAL [
]
2. CHECK TYPE OF GA. INCOME TAX FILED:
CORPORATION [
]
INDIVIDUAL [
]
PARTNERSHIP [
]
3. FISCAL YEAR ENDING DATE OF BUSINESS: _______________________________________________________________
4. FEDERAL EMPLOYER IDENTIFICATION NUMBER: __________________________________________________________
5. STATE TAXPAYER IDENTIFICATION (S.T.I.) NUMBER: ______________ STATE SALES TAX NUMBER: _________________
6. NAME OF PRESIDENT OF CORPORATION OR OWNERS NAME: _______________________________________________
7. DOING BUSINESS AS: _________________________________________________________________________________
8. NAME ON BUSINESS LICENSE: __________________________________________________________________________
9. IF BUSINESS LOCATED WITHIN CITY LIMITS, LIST CITY NAME: _______________________________________________
10. PREPARERS NAME: _________________________________________________________________________________
ADDRESS: _____________________________________________________ PHONE: # ___________________________
11. PERSON WHO SHOULD BE CONTACTED CONCERNING QUESTIONS ABOUT THIS RETURN:
NAME: ________________________________________________ PHONE #: _____________________________________
12. LOCATION OF SUPPORTING RECORDS: __________________________________________________________________
13. PHONE NUMBER OF BUSINESS: _______________________ HOME OFFICE NUMBER: __________________________
TOLL FREE NUMBER: _________________________________ FAX NUMBER: ____________________________________
EMAIL ADDRESS: _____________________________________________________________________________________
14. MAIN BUSINESS PRODUCT OR ACTIVITY: _________________________________________________________________
15. NORTH AMERICAN INDUSTRY CLASSIFICATION SYSTEM (NAICS) NUMBER: ___________________________________
16. SQUARE FOOTAGE OF BUILDING: _____________ IF RETAIL, SQUARE FOOTAGE OF RETAIL AREA: ________________
17. IF YOU CLOSED OR SOLD YOUR BUSINESS, PLEASE LIST NEW OWNER’S NAME AND ADDRESS __________________
____________________________________________________________________________________________________
18. DATE BUSINESS BEGAN IN THIS COUNTY: _____________________ WAS RETURN FILED LAST YEAR? YES [
] NO [
]
19. DO YOU OR YOUR BUSINESS HAVE ASSETS LOCATED IN OTHER COUNTIES IN THIS STATE? YES [
]
NO [
]
20. DOES THE BUSINESS OWN A BOAT AND MOTOR? YES [
]
NO [
]
AIRCRAFT? YES [
]
NO [
] IF YES, PLEASE REQUEST MARINE FORM PT-50M OR AIRCRAFT FORM PT 50A.
REFERENCE INFORMATION
1.
O.C.G.A. § 48-5-299 requires the Board of Tax Assessors to diligently investigate and inquire into the property owned in the county for the purpose of
ascertaining what property, real and personal is subject to taxation in the county and require its proper return for taxation.
2.
O.C.G.A. § 48-5-300 grants the Board of Tax Assessors authority to require production of books, papers, or documents, by subpoena, if necessary, which may
aid in determining the proper assessment.
3.
O.C.G.A. § 48-5-269 grants the State Revenue Commissioner the authority to prescribe the forms, books, and records to be used for standard property tax
reporting for all taxing units, including but not limited to, the forms, books, and records to be used in the listing, appraisal and assessment of property and how
the forms, books, and records shall be compiled and kept.
4.
O.C.G.A. § 48-5-269.1 grants the State Revenue Commissioner the authority to adopt and require the use of uniform procedural manual for appraising tangible
real and personal property.
5.
In accordance with the above sections of the Georgia Code this return and schedules are submitted to you for your completion. Failure to file a completed copy
of this form may lead to an audit of your records and/or the placing of an assessment on your property from the best information obtainable in accordance with
O.C.G.A. § 48-5-299 (a).
6.
Freeport Exemption (O.C.G.A. § § 48-5-48.2 and 48-5-48.6) may be available in your county. Applications are available on request and must be completed
and filed with the business personal property return and schedules prior to the deadline for filing.
7.
Any air and water pollution control facilities owned may be exempt under O.C.G.A. § 48-5-41 (11) which states… “All property used in or which is a part of any
facility which has been installed or constructed at any time for the primary purpose of eliminating or reducing air and water pollution of such facilities and has
been certified by the Department of Natural Resources as necessary and adequate for the purpose intended” shall be exempt from all Ad Valorem Property
Taxes in this state.
8.
Most counties do not accept metered mail dates as filing dates unless counter stamped by the post office. Be sure that the date of deposit and the postmark
date are the same if mailing close to the deadline.
9.
O.C.G.A. § 48-5-41.1 states… “All farm products grown in this state and remaining in the hands of the producer during the one year beginning immediately after
their production and harvested agricultural products which have a planting-to-harvest cycle of 12 months or less, which are customarily cured or aged for a
period in excess of one year after harvesting and before manufacturing, and which are held in this state for manufacturing and processing purposes and all
qualified farm products grown in this state shall be exempt from Ad Valorem Property Taxes.”
10.
O.C.G.A. § 48-5-43 states… “Consumers of commercial fertilizers shall not be required to return for taxation any commercial fertilizer or any manures commonly
used by farmers and others as fertilizers if the land upon which the fertilizer is to be used has been properly returned for taxation.”
11.
Boats and motors and aircraft should be reported on a separate reporting form which will be provided upon request.
12.
Computer software (O.C.G.A. § 48-1-8) .shall constitute personal property only to the extent of the value of the unmounted or uninstalled medium on or in which
it is stored or transmitted except that held as inventory ready for sale.
PAGE 2
BUSINESS PERSONAL PROPERTY
IF ASSISTANCE NEEDED CALL
ACCOUNT NUMBER
TAX YEAR
SCHEDULE A
(FURNITURE / FIXTURES / MACHINERY / EQUIPMENT)
DUE DATE
MAP AND PARCEL I.D. NO.
NAICS NO.
THIS SCHEDULE IS CONSIDERED CONFIDENTIAL AND
WILL NOT BE OPEN FOR PUBLIC INSPECTION
RETURN COMPLETED FORM TO ADDRESS LISTED BELOW
TAXPAYER NAME AND ADDRESS
COUNTY NAME AND RETURN ADDRESS
DID YOU OR YOUR BUSINESS OWN ANY MACHINERY, EQUIPMENT,
BUSINESS PHYSICAL LOCATION
FURNITURE, OR FIXTURES ON JANUARY 1 OF THIS YEAR? YES ( )
NO ( ). IF YES, PLEASE LIST BELOW.
COMP
ADDITIONS OR
YEAR
PREVIOUSLY REPORTED
DISPOSALS OR
ADJUSTED ORIGINAL
INDICATED BASIC COST
+
=
-
=
X
CONV.
TRANSFERS IN
ACQUIRED
ORIGINAL COST NEW
TRANSFERS OUT
COST NEW
APPROACH VALUE
FACTOR
GROUP 1: TYPICAL ECONOMIC LIFE OF 5-7 YEARS (EXAMPLES ON INSTRUCTION SHEET) A.C.R.S./ M.A.C.R.S. NOT ACCEPTABLE
-
=
+
X
=
-
=
=
+
X
-
=
=
+
X
-
=
=
+
X
-
=
=
+
X
-
=
X
=
+
-
=
=
+
X
-
=
=
+
X
TOTAL
GROUP 1
GROUP 2: TYPICAL ECONOMIC LIFE OF 8-12 YEARS (EXAMPLES ON INSTRUCTION SHEET) A.C.R.S./ M.A.C.R.S. NOT ACCEPTABLE
+
-
=
X
=
+
-
=
X
=
+
-
X
=
=
+
-
=
X
=
+
-
=
X
=
+
-
X
=
=
+
-
=
X
=
+
-
X
=
=
+
-
=
X
=
+
-
=
=
X
+
-
X
=
=
+
-
=
X
=
TOTAL
GROUP 2
GROUP 3: TYPICAL ECONOMIC LIFE OF 13 YEARS OR MORE ( EXAMPLES ON INSTRUCTION SHEET ) A.C.R.S./ M.A.C.R.S. NOT ACCEPTABLE
+
-
=
=
X
=
+
-
=
X
+
-
=
=
X
=
+
-
=
X
+
-
=
=
X
+
-
=
=
X
=
+
-
=
X
+
-
=
=
X
+
-
=
=
X
=
+
-
=
X
+
-
=
=
X
=
+
-
=
X
+
-
=
=
X
+
-
=
=
X
=
+
-
=
X
+
-
=
=
X
+
-
=
=
X
TOTAL
GROUP 3
GROUP 4: TYPICAL ECONOMIC LIFE OF 1-4 YEARS; ALSO I.R.S. ASSET CLASS 00.12 I
) A.C.R.S./ M.A.C.R.S. NOT ACCEPTABLE
(EXAMPLES ON INSTRUCTION SHEET
-
+
=
=
X
-
+
=
=
X
-
=
=
+
X
-
+
=
=
X
TOTAL
GROUP 4
TOTAL
ALL GROUPS
ENTER TOTAL INDICATED VALUE ON PAGE ONE LINE F UNDER INDICATED VALUE FROM SCHEDULES COLUMN.