Georgia Governor Signs Law on Alternative Ad Valorem Tax for Motor Vehicles

The Georgia Governor May 4 signed a law concerning alternative ad valorem tax on motor vehicles for property tax purposes. The law includes measures: 1) revising the definition of a motor vehicle’s fair market value to exclude certain interest and financing charges for leased vehicles; and 2) repealing conflicting laws. The law will take effect Jan. 1, 2022. [/GA\FINAL\2021R1HB63///, enacted 05/04/21]

Reference: View Bill. View Legislative Information.