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?
Correct Answer
C) $1,170
In Georgia, real property is assessed at 40% of fair market value, and the $25,000 standard homestead exemption is applied to the assessed value (equivalent to $25,000 x 40% = $10,000 off assessed value). Assessed value = $220,000 x 0.40 = $88,000; taxable value = $88,000 - $10,000 = $78,000; tax = $78,000 x 0.015 = $1,170.
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More Ga Property Tax Questions
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A Georgia homeowner is weighing whether to opt out of the floating homestead exemption. Which statement accurately describes a consequence of opting out?
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Agent Karen is assisting client Mr. Thompson, who purchased a home in Gwinnett County in August and wants to apply for the homestead exemption. He asks when he can first claim the exemption and when he needs to apply. What should Karen tell him?