§ 9-67. Types of property eligible for tax exemption.

(a)

Exemptions from ad valorem taxation of inventories within a zone created for industrial or mixed-used commercial and industrial purposes under this Act may be granted for all or any combination of the following types of property:

(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 this state. The exemption provided for in this paragraph 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 this 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 paragraph shall be for a period not exceeding 12 months from the date such property is produced or manufactured; and

(3)

Inventory of finished goods which on the first day of January 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 and stored for transshipment to a final destination outside this state. The exemption provided for in this paragraph shall be for a period not exceeding 12 months from the date such property is stored in this state. All property that is claimed to be exempt under the provisions of this paragraph shall be designated as being "in transit" upon the official books and records of the warehouse, dock, or wharf, whether public or private where such property is being stored. Such official books and records shall contain a full, true, and accurate inventory of all such property, including the date of the receipt of the property, the date of the withdrawal of the property, the place of origin of the property, and the point of final destination of the same, if known. The official books and records of any such warehouse, dock, or wharf, whether public or private, pertaining to any such "in transit" property, shall be at all times open to the inspection of the Joint City/County Board of Tax Assessors of Fulton County.

(b)

Exemptions from ad valorem taxation of real property within a zone under this Act may be granted for the taxable value of:

(1)

The land itself only if the taxable value of all improvements thereon made after the effective date of the creation of the zone in which that land is located equals or exceeds three times the taxable value of the land on the effective date of the creation of the zone; and

(2)

Only those improvements made after the effective date of the creation of the zone in which the improvements are located.

(1988 Ga. Laws, page 4164, § 7; 1994 Ga. Laws, page 5055, § 5)