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TITLE AD VALOREM TAX (TAVT)

MAY 14, 2013. TITLE AD VALOREM TAX (TAVT). TAVT. Established by House Bill 386 Effective March 1, 2013 Replaces the annual Ad Valorem “Birthday Tax”. TAVT. What happened on March 1, 2013? What changed when motor vehicles titled on or after March 1, 2013? Exempt from sales and use tax

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TITLE AD VALOREM TAX (TAVT)

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  1. MAY 14, 2013 TITLE AD VALOREM TAX (TAVT)

  2. TAVT • Established by House Bill 386 • Effective March 1, 2013 • Replaces the annual Ad Valorem “Birthday Tax”

  3. TAVT • What happened on March 1, 2013? • What changed when motor vehicles titled on or after March 1, 2013? • Exempt from sales and use tax • Not subject to ad valorem tax • Title fee & registration fee still applies • Subject to a state title tax & local title tax

  4. TAVT • State of Georgia projects that the difference in the amount of sales tax and annual ad valorem tax will be recovered by: • “New” title ad valorem tax collected on casual sales • Target amounts have been set with 2012 base year

  5. TAVT

  6. TAVT • Local TAVT for 2013 = 43% • Distributed between the county, local municipalities, Board of Educations • Muscogee County • 2/3 = CCG • 1/3 = MSCD

  7. TAVT • FY2014 Recommended Budget Approach • Guarantee from the State of no loss of revenue • Reduced Motor Vehicle portion of the digest by 5% • Showed offset as TAVT • Budgeted LOST at 96.5% of FY12 collections (current trend) • Until sufficient history is accumulated, $0 Net Impact between Motor Vehicle Ad Valorem Tax, TAVT, and LOST for FY14

  8. QUESTIONS?

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