As you prepare to purchase a home, you will want to understand each of the items you will be responsible for. All real estate in Georgia is assessed at 40% of the fair market value unless otherwise specified by law. (O.C.G.A. 48-5-7) and this value will be used to determine your property tax rate.
Property assessment is done at the county level by the Board of Tax Assessors. The State Revenue Commissioner oversees these assessments in order to ensure that property is assessed uniformly and equally between and within the counties, in accordance with Georgia law (O.C.G.A. 48-5-340). Property owners will receive an annual tax bill from the county which will include both the fair market value and the assessed value of the property.
Fair market value means “the amount a knowledgeable buyer would pay for the property and a willing seller would accept for the property at an arm’s length, bona fide sale.” (O.C.G.A. 48-5-2)
Property owners that own and occupy their homes as a primary residence can file for homestead exemption. Homestead applications may be filed with the Paulding or Cobb County Board of Tax Assessors at any time, however, the deadline for filing is April 1st of the year the exemption is being sought. The application must be filed in person with your local Board of Tax Assessors.
Calculating Property Taxes
To calculate your property taxes, you need to use the following formula using the applicable millage rate. You should verify its accuracy with the specific county and municipality.
|SAMPLE PROPERTY TAX ESTIMATE:
A home in Cobb County with a fair market value of $300,000.
Appraised Value x 40%
Homestead Exemption Deduction (if applicable)
Divide the Balance by 1,000
Multiply by the Appropriate County Mill Rate
$300,000 x .40 = $120,000
$120,000 – $10,000 (Cobb County) = $110,000
$110,000 / 1,000 = $110
$110 x 37.44 = $4,118.40 (Annual property tax estimate)
City Property Tax Information
- Dallas – City
- Dallas – Unincorporated
- Marietta – City
- Powder Springs
- Unincorporated Cobb
- Millage Rate*