Which of the following statements is true regarding property classifications in Georgia?

The statement regarding property classifications in Georgia that is true is that both tangible and intangible properties are classified. In the context of property assessment, tangible properties include physical assets like real estate, personal property, and equipment, while intangible properties encompass non-physical assets such as intellectual property and certain financial instruments. The classification of both types of properties ensures a comprehensive approach to taxation, allowing for a wider tax base that reflects the economic realities of property ownership.

The classification system is crucial for determining how various assets are treated under the law, including how they are assessed for taxation purposes. This reflects a commitment to a thorough tax system that captures the diverse nature of property in Georgia.

The other statements do not accurately reflect property classification practices in Georgia. For example, residential properties are just one category among many, including commercial and industrial properties; all types of properties are eligible for assessment. Additionally, industrial properties are indeed included in assessments as they contribute to the overall economic landscape of the state. Lastly, while tangible and intangible properties are both classified, the notion that intangible property is exempt from taxation isn't entirely accurate, as certain intangible properties may indeed be subject to tax requirements based on their nature and use.