A freeport warehouse exemption is available on finished goods inventory destined for shipment outside the state.
-A freeport warehouse exemption is available at the discretion of local authorities.
-A freeport warehouse exemption can be granted in perpetuity and can be on the
total millage amount, including school taxes.
-The value of the exemption would depend on the value of the company’s finished goods inventory at year-end and how much of that inventory was destined for shipment outside the state.
The company must apply to local authorities for a freeport warehouse license and must submit an inventory report to the county tax assessor each year to be able to receive this exemption.