A manufacturing facility in Hall County has a fair market value of $2,500,000. The county millage rate is 15.2 mills, the city millage rate is 6.8 mills, and the school millage rate is 18.5 mills. Using Georgia's standard assessment ratio for real property, what is the total annual property tax?
Correct Answer
A) $40,500
Under O.C.G.A. § 48-5-7, all real property in Georgia is assessed at 40% of fair market value. Assessed value = $2,500,000 × 0.40 = $1,000,000. Total millage = 15.2 + 6.8 + 18.5 = 40.5 mills. Tax = ($1,000,000 ÷ 1,000) × 40.5 = $40,500.
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More Ga Property Tax Questions
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A Georgia homeowner receives a notice stating that the appraised value of her property has increased significantly. She wants to dispute the valuation and also has questions about her upcoming tax bill. Which statement correctly describes how these functions are divided in Georgia?
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