Fayette Values Business Investment
Fayette offers customized business solutions for companies locating or expanding operations. Qualifying projects may be eligible for property tax abatement, job creation grants, and infrastructure support.
Fayette also offers the benefit of being located in Georgia, which is consistently ranked as one of the best states for business and earning accolades for its corporate tax structure. The State of Georgia also offers state-level incentives: Georgia Department of Economic Development.
INCENTIVES & TAXES
Property Tax Abatement -New businesses locating to or expanding in Fayette County may be eligible for property tax savings for a negotiated period of time based on the company’s job creation, capital investment, and average wage. A standard ten-year tax abatement of 10% per year has been approved and is available based on the minimum criteria:
- $50,000 Average Annual Wage
- $7,00,000 Capital Investment
- 20 Jobs
- The project must be in one of the six target sectors: Corporate Headquarters, Information Technology, Aerospace, Advanced Manufacturing, Film/New Media, and Medical, Research & Development.
Freeport Exemption – Fayette County offers 100% inventory tax exemption. The Freeport exemption is on raw materials and goods in process, finished goods held by manufacturers, and finished goods held for out-of-state shipment.
Peachtree City: The Peachtree City Jobs and Investment Grant awards $500 per qualified job created with a maximum award of $50,000 per grant. See more information here.
Fayetteville: The City of Fayetteville offers incentives for prospects for qualifying projects whose goals align with the City. For more information, visit the City of Fayetteville.
Other local incentives including job creation grants and infrastructure support may be available.
The ad valorem tax is based on the fair market value of property (real property and personal property), which is established on January 1st of each year. The assessed valuation in Georgia is 40% of the fair market value. The amount of tax is determined by the tax rate (millage rate) levied by various entities (one mill is equal to $1.00 for each $1,000 of assessed value, or .001).
|2017 Tax Rates (Mills)||Effective Tax Rate (per $1000 of assessed value)|
|Unincorporated Fayette County||29.095||$11.64|
|City of Fayetteville||29.899||$11.96|
|City of Peachtree City||32.074||$12.83|
|Town of Tyrone||31.984||$12.79|
|Town of Brooks||29.818||$11.93|
Sales & Use Tax is a tax upon the use, consumption, distribution, or storage of tangible personal property and certain services. It is levied or imposed upon retail sales, rentals, leases, uses, or consumption of tangible personal property, and certain services that are specifically taxed under the Georgia Retailer’s and Consumer’s Sales and Use Tax Act.
- State sales tax = 4%
- Local sales tax = 1%
- Special purpose local option sales tax = 1%
- Special purpose local option sales tax for education = 1%
Georgia provides a number of sales and use tax exemptions, including manufacturing machinery, pollution machinery, production equipment, electricity exclusion, material handling machinery for distribution facilities.
Fayette County offers the benefit of being located in Georgia, which is consistently ranked as one of the best states for business and earning accolades for its corporate tax structure. Georgia offers job creation incentives, sales & use tax exemptions, and employee training through its award-winning QuickStart Training Program Click here for more information.