Transfer Of TitleTaxesMEDIUM
Georgia property taxes are based on:
Correct Answer
B) 40% of fair market value
Georgia property taxes are based on 40% of the fair market value, known as the assessed value.
Answer Options
A
100% of fair market valueB
40% of fair market valueC
Original purchase priceD
Land value onlyAudio Lesson3 min
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Related Topics & Key Terms
Related Topics:
property-assessment-methodsproperty-tax-calculationhomestead-exemption
Key Terms:
assessed valuefair market value40% assessment ratioGeorgia property taxO.C.G.A. §48-5-7
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
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