Filing and payment of tax where encumbered real property located outside state and secured by instrument held by resident.

Every resident holder of an instrument securing a long-term note secured by real property located outside of this state including, but not limited to, domestic corporations and foreign corporations having their principal places of business in this state shall file, in lieu of recording the instrument securing any such note, at such periodic intervals as the commissioner by regulation may designate, a memorandum of the instrument with the commissioner on forms prescribed by the commissioner. At the same time as the memorandum is filed, the holder of the instrument shall pay to the commissioner the amount of the tax required by this article with respect to the instrument. The revenue from each instrument shall be distributed to the state, counties, and municipalities as if the real property securing the instrument were located in the county of the domicile of the taxpayer or, if the taxpayer is a corporation, in the county of the principal place of business of the taxpayer. History. Ga. L. 1953, Nov.-Dec. Sess., p. 379, § 10; Code 1933, § 91A-3208, enacted by Ga. L. 1978, p. 309, § 2; Ga. L. 1990, p. 1843, § 4. OPINIONS OF THE ATTORNEY GENERAL Intangible property tax on long-term notes secured by real estate is not unconstitutional. 1970 Op. Att'y Gen. No. 70-56. Notes held by nonresidents when not secured by realty nor connected with business. — Notes held by a nonresident, which notes are not secured by real estate nor connected with any business done in this state, are not subject to ad valorem taxation in this state. Mere notice of promissory notes creating no lien on property is not subject to being recorded. 1970 Op. Atty Gen. No. U70-52.