Tax & Accounting Blog

New Property Tax Forms and Updates in Georgia and Florida

Blog, ONESOURCE, ONESOURCE Property Tax January 2, 2015

The Georgia Business Personal Property Tax Return (State Form PT-50P) is now available and ready for customer use in ONESOURCE Property Tax. The form must be filed by 4/1/2015 and Georgia has no provision to allow for extension. The Application for Freeport Exemption Inventory (PT-50F), Taxpayer Return of Real Property (PT-50R), Aircraft Personal Property Tax Return (PT-50A) and Marine Personal Property Tax Return (PT-50M) are also due by 4/1/2015 and will be available for use 30 days prior to the filing deadline.

The 2015 Florida State Form DOR-405 is now certified in ONESOURCE Property Tax and available for customer use. Remember that Florida statutes allow jurisdictions to either use the FL State Department of Revenue depreciation tables or their own depreciation tables and Florida uses trend factors, as well as depreciation tables, for different industries. ONESOURCE Property Tax currently has 11 industries in Florida with different index factors: All Industries, Banking, Chemical, Communication, Contractor’s Equipment, Exempt, Hotel, Motion Picture, Office Equipment, Restaurant, and Store. Also, since 2008, there is a $25,000 exemption on tangible personal property for each location (a separate form is not required for each leased equipment site) and filing the DR-405 Tangible Personal Property Tax Return by 4/1/15 will be considered an application for the $25,000 exemption.