§ 70-61. Types of tangible personal property which are exempt.

Pursuant to O.C.G.A. § 48-5-48.2, there shall be exempt from taxation 20 percent of the value of the tangible personal properties set forth in this section for the year beginning January 1, 2002, and all subsequent years unless changed by further resolution of the city council.

(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. The exemption provided for in this section shall apply only to tangible personal property which is substantially modified, altered or changed in the ordinary course of the taxpayer's manufacturing, processing or production operations in this 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. The exemption provided for in this subsection shall be for a period not exceeding 12 months from the date such property is produced or manufactured.

(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 shipment to a final destination outside this state and inventory of finished goods which are shipped into this state from outside this state. The exemption provided for in this subsection shall be for a period not exceeding 12 months from the date such property is stored in this state.

(Res. of 4-10-2001)