A property owner in a Georgia county that has authorized installment tax payments receives a property tax bill of $3,200 in October. Under the county's installment plan authorized by O.C.G.A. § 48-5-23, how may the owner pay?
Correct Answer
B) Half by the initial due date and the remaining half approximately six months later
Under O.C.G.A. § 48-5-23, county governing authorities in Georgia may authorize property taxes to be paid in two installments. When authorized, the taxpayer pays one-half of the tax bill by the first due date and the remaining one-half approximately six months later, with specific due dates set by the county. This two-installment option must be authorized by the county governing authority and is not automatically available in every county.
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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?
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- → 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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- → Which statement about Georgia property tax administration is NOT correct?
- → A commercial property in Clayton County has a fair market value of $500,000 and qualifies for a manufacturing exemption that reduces its assessed value by 25%. Using Georgia's 40% assessment ratio, and given millage rates of 15 mills (county), 6 mills (city), and 20 mills (school district), what is the property's annual tax liability after the exemption?
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Previous Question
A commercial property in Clayton County has a fair market value of $500,000 and qualifies for a manufacturing exemption that reduces its assessed value by 25%. Using Georgia's 40% assessment ratio, and given millage rates of 15 mills (county), 6 mills (city), and 20 mills (school district), what is the property's annual tax liability after the exemption?
Next Question
David owns agricultural land in Hall County that he has been farming for 10 years. The land is currently assessed under agricultural use valuation. He decides to sell 5 acres to a developer for residential construction. What happens to the tax status of the sold portion?