On March 1, 2013, a new method of taxation for certain motor vehicles in Georgia will go into effect, according to Georgia House Bill 386. This vehicle tax, the TAVT, will replace the state sales, use, and annual ad valorem taxes with a one-time tax imposed on the fair market value of each vehicle.
Owners who purchased motor vehicles on or after March 1, 2013 and titled them in Georgia will be eligible to pay this tax. However, if a vehicle was purchased between January 1, 2012 and March 1, 2013 and titled in Georgia, the owner is also eligible to opt in to the new system and pay the TAVT.
Please note that this new tax will not apply to:
· Corrected titles
· Replacement titles
· Titles issued to the same owner
· Vehicles acquired by veterans who would receive an exemption from the ad valorem tax
To learn more, visit the Georgia Department of Revenue at http://onlinemvd.dor.ga.gov/Tap/faqs.aspx.