Per O.C.G.A. 48-5-7.5, timber can be assessed a tax if harvested or sold. The tax is assessed at 100% of its fair market value. This tax is billed and paid to the county in which the timber was grown and harvested or sold. There are three types of sales; lump sum sales, unit price quarterly report, and owners harvest. After any one of the three sales are completed either the purchaser or the seller must report the sale via the Georgia Department of Revenue PT-283T form.
If the seller or purchaser fails to timely make a report of the sale or harvest they will pay a fine of 50% of the tax due, but if the PT-283T is filed within 12 months after the due date of the tax the amount of the penalty will be 1% per month or part of a month that the report is late. Find Form PT-283T, Report of Timber Sale or Harvest (PDF).