The system for taxing motor vehicles changes Friday in Georgia.
All vehicles purchased as of March 1, will no longer be subject to the annual ad valorem tax, or birthday tax. Instead, car owners pay a title ad valorem tax at the time the vehicle changes ownership.
The new system for taxing vehicles only applies for new owners when they receive their new titles.
All other vehicle owners will continue to operate under the current system and pay the annual ad valorem taxes until they no longer hold title to the vehicle.
The following are some answers to help understand the new law:
If you bought a vehicle before Jan. 1, 2012, you'll continue to pay the birthday tax.
If your family bought a car between Jan. 1, 2012 and Feb. 28, 2013, then you have a choice either to pay the birthday tax every year or pay the one-time title tax.
How do you know if you should opt in? The Georgia Department of Revenue has an online calculator at www.dor.ga.gov that can help residents decide what option is best for them. You can also check to see how much the one-time title tax will be if you're in the market now.
See questions and answers to help provide an overview of the changes to come regarding HB 386 here.
Find more information at www.accg.org by clicking on Motor Vehicle Tax Reform.
Saturday, May 18 2013 11:41 AM EDT2013-05-18 15:41:36 GMT
(Photo Credit: MGN-Online)
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