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CORPORATE
TAXES
This
section contains information on taxes, which apply
to business located in Georgia.
The
chart below lists the business taxes and which jurisdictions
are allowed to assess taxes on the number of classes of real
and personal property.
TAXABLE
JURISDICTION
| PROPERTY |
STATE
|
CITY/COUNTY
|
SCHOOLS
|
| Real
Estate & Buildings |
yes
|
yes
|
yes
|
| Machinery
& Equipment |
yes
|
yes
|
yes
|
| Raw
Materials |
yes
|
yes
|
yes
|
| Pollution
Control |
yes
|
yes
|
yes
|
| Computer
Equipment |
yes
|
yes
|
yes
|
| Cleanroom
Equipment |
yes
|
yes
|
yes
|
| Primary
Material Handling |
yes
|
yes
|
yes
|
| Goods-in-Process |
yes
|
yes
|
yes
|
| Finished
Goods |
yes
|
yes
|
yes
|
| Motor
Vehicles |
yes
|
yes
|
yes
|
| Furniture
& Office Equipment |
yes
|
yes
|
yes
|
| Sales
& Use |
yes
|
yes
|
yes
|
| Income |
yes
|
no
|
no
|
A. Property Tax: Taxes on real estate and tangible
personal property are levied by the city, county,
school district, and the state as of January 1 of
each year. The taxes are collected by the county.
All rates are set at the local level, except state
tax, which is fixed by Georgia law at 10 cents for
each $1,000 of fair market value (or 25 mills).
| LOCATION |
MILLAGE
RATE
|
EFFECTIVE
TAX RATE %
|
| Augusta-Richmond
County - Urban |
37.91
|
1.5164
|
| Augusta-Richmond
County - Suburban |
28.19
|
1.1276
|
| Columbia
County |
25.13
|
1.0052
|
| City
of Waynesboro |
30.18
|
1.207
|
| Burke
County |
20.30
|
0.812
|
Example
Annual
property taxes for $1,000,000 of real or
personal property at a millage
rate of 28.19 (1.1276% effective rate) in the city
of
Augusta would be as follows:
$1,000,000
X 40% = $400,000 -- assessment
$400,000 x .02819 = $11,276 -- annual property taxes
The
tax rates are set annually, but do not significantly
change from year to year. All properties are assessed
at 40% of fair market value. The effective tax rate
represent total tax as a percentage of fair market
value.
B.
Corporate Income Tax:
• 6% is applied only toward the portion of
income earned in Georgia
• No unitary tax
• Richmond, Columbia and Burke counties
do not have a local income or payroll tax.
This
tax is determined by multiplying the corporation's
adjusted taxable income by the weighted average
of the three ratios: property, payroll and sales.
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