Sarah owns a home in Fulton County with a fair market value of $350,000. The county assessor applies a 40% assessment ratio for residential property. If the total millage rate is 32 mills, what is Sarah's annual property tax liability?
Correct Answer
A) $4,480
Correct: Assessed value = $350,000 × 0.40 = $140,000. Tax = ($140,000 ÷ 1,000) × 32 mills = $4,480. B is incorrect as it uses 80% assessment ratio. C is incorrect as it uses 100% of market value. D is incorrect calculation.
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More Ga Property Tax Questions
A Georgia homeowner's property has a fair market value of $220,000. She does not qualify for any floating homestead exemption and receives only the standard $25,000 homestead exemption (applied to fair market value before the 40% assessment ratio). If the county millage rate is 15 mills, what is her annual property tax?
A Georgia homeowner has been receiving the standard homestead exemption on her primary residence in Atlanta. She sells that home and moves permanently to a property she previously used as a vacation home in Rabun County. What must she do regarding her homestead exemption?
A seller paid the full annual property taxes of $3,650 on January 1st for the entire calendar year. The closing takes place on September 15th, and the seller is responsible for the day of closing. Using the 365-day method, what credit does the seller receive at closing for the buyer's share of the taxes?
A Georgia owner begins an ad valorem tax estimate with the property’s fair market value. What percentage of that value is generally used as the assessment basis under Georgia law?
Marcus is a real estate agent helping a client understand property tax roles in Georgia. Which entity is responsible for determining the fair market value of real property for ad valorem tax purposes?
- → An investment property in Georgia generates $48,000 in annual net operating income. Using the income approach with a 7% capitalization rate, an appraiser determines the property's fair market value. If the county assesses at 40% of fair market value and the total millage rate is 32.5 mills, what is the approximate annual ad valorem tax?
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Under Georgia law, how is the assessed value of real property generally determined for ad valorem tax purposes?
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Marcus is a real estate agent helping a client understand property tax roles in Georgia. Which entity is responsible for determining the fair market value of real property for ad valorem tax purposes?