William L. Bonnell Co. v. Coweta County Board of Tax Assessors

Eldridge, Judge.

The Coweta County Board of Tax Assessors granted freeport ad valorem tax exemption for 1993, 1994, and 1995 to the William L. Bonnell Company, Inc., a manufacturer of aluminum extrusion. The Board subsequently reassessed the value of inventory and finished products held for sale returned in the Application for Inventory/Free-port Exemption of Bonnell by changing the method of accounting for inventory valuation from “last-in, first-out” (LIFO) used by Bonnell to “first-in, first-out” (FIFO) when the application failed to disclose the accounting method used. The use of such…