In Georgia, the bill of sale would have no bearing on the value of the aircraft for property taxation.
Each year you are required to file a
Form PT-50A [
etax.dor.ga.gov] each year to report the equipment, times and other pertinent information about your aircraft. You are also expected to declare a Fair Market Value of the aircraft. This FMV has no relationship whatsoever to the purchase price of the aircraft. If the aircraft is worth (according to the Blue Book or other price guides) say $15,000 and you only paid, say, $10,000 due to the owner's distress or any other reason, the FMV of the aircraft is still $15,000, period. You declare a FMV value, the Assessors set a FMV and if you do not agree, you appeal the value, within the alloted time span. Failure to file a timely return prevents you from filing an appeal for that year.
In my county (
Meriwether [
qpublic.net]), we (I sit on the Board of Assessors) do not ask to see bills of sale or anything other than the PT-50A. The bill of sale might come into play during the appeal process, should you take the appeal to the Board of Equalization, it could be used as evidence of what you paid for the aircraft.
Charles
