What is Personal Property?
Personal Property consists of:
- Any furniture, fixtures, machinery, equipment, inventory, etc. used to operate a business;
- Any other personal property used in business;
- Aircraft and boats/motors owned by an individual or corporation.
Tax Responsibility
The tax responsibility falls on the current owner in possession, regardless of how often the property has changed owners. If you plan to purchase a boat/airplane, or business, check to ensure all delinquent taxes have been paid. Though buyers/sellers may privately agree to the responsibility for delinquent tax, according to the State, the current owner will be held responsible and may be subject to levy.
When selling personal property, you must notify the Fulton County Board of Tax Assessors of the transfer of ownership. Likewise, when purchasing personal property, the ownership information will need to be updated to reflect changes such as contact information and the value of the property.
It is your responsibility to update the Fulton County Board of Tax Assessors annually by way of a Personal Property Tax Return. If you do not inform the Property Appraisal office, you may be taxed for property you no longer own.