§ 114-1. Ad valorem tax exemption for certain property.

All three classes of inventory described in this section are hereby exempt from ad valorem taxation at the rate of 40 percent of the value of such property, with such exemptions commencing January 1, 1980:

(1)

Inventory of goods in the process of manufacture or production, which shall include all partly finished goods and raw materials held for direct use or consumption in the ordinary course of the taxpayer's manufacturing or production business in the state;

(2)

Inventory of finished goods manufactured or produced within the state in the ordinary course of the taxpayer's manufacturing or production business when held by the original manufacturer or producer of such finished goods; and

(3)

Inventory of finished goods which, on January 1, are stored in a warehouse, dock or wharf, whether public or private, and which are destined for a shipment to a final destination outside of the state, and inventory of finished goods which are shipped into the state from outside of this state and stored for transshipment to a final destination outside this state.

(Res. of 12-26-78; Res. of 1-22-80; Code 1977, § 3-12-14)

State law reference

Authority for above (freeport) exemption, O.C.G.A. § 48-5-48.2; applications for such exemptions, O.C.G.A. § 48-5-48.1.