A property in DeKalb County has a fair market value of $320,000. The county assesses property at 40% of fair market value. If the total millage rate is 35 mills, what is the annual property tax?
Correct Answer
B) $4,480
Assessed value = $320,000 × 40% = $128,000. Property tax = ($128,000 ÷ 1,000) × 35 mills = $4,480. Option A uses full market value instead of assessed value. Option C uses incorrect millage calculation. Option D uses wrong assessment ratio.
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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?
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A 67-year-old Georgia homeowner has an annual household income of $28,000 and has occupied the home as a primary residence for over five years. Which property tax exemption category would generally provide this homeowner the greatest reduction in taxable value?
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