Q: Is there a law for ad valorem that you can only report a boat sold between Jan - April?
A:
There is no specific law in Georgia stating that you can only report a boat sold between January and April for ad valorem tax purposes. However, there are some important points to consider regarding ad valorem taxes on boats in Georgia:
1. Annual tax: Ad valorem taxes on boats in Georgia are due annually and are based on the boat's fair market value as of January 1st of each year.
2. Reporting the sale: When you sell a boat, you should report the sale to your county's tax commissioner's office as soon as possible. This helps ensure that you are not held liable for the ad valorem taxes after the sale.
3. Prorated taxes: If you sell your boat during the year, the ad valorem taxes may be prorated between you and the new owner based on the sale date.
4. Registration renewal: In Georgia, boat registrations expire on April 30th each year. When renewing the registration, the ad valorem taxes must be paid.
While there is no specific law limiting the reporting of a boat sale to the January-April period, it is crucial to report the sale promptly to avoid any issues with ad valorem tax liability. It is advisable to contact your county's tax commissioner's office for more information on the proper procedures for reporting a boat sale and paying the associated ad valorem taxes.
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