Getting to Know Georgia Property Taxes

August, 15, 2021

Georgia’s booming economy makes it one of the best states to live in. If you are thinking of moving here, it helps to understand how property taxes work there.

Property tax in Georgia

The amount of property tax you pay in Georgia depends on two factors: your home’s assessed value and the millage rate. The assessed value is determined by county assessors who base it on the collective values of homes in an area.

Meanwhile, millage rates are what you multiply to the assessed value. They are set annually by the county’s board of commissioners, governing authorities, and the Board of Education.

Computing for property tax in Georgia

First get the assessed value of your property, which is 40% of your property’s Fair Market Value (FMV). A home in Warner Robins (Houston County) with an FMV of $100,000, for example, will have an assessed value of $ 40,000.

$100,000 x 0.40 = $40,000

Then, divide the millage rate by 1,000. In Warner Robins, the millage rate is 9.98.

9.98 / 1,000 = 0.00998

After that, multiply the assessed value of $40,000 with 0.00998 and you have your property tax of $998.

$100,000 * 0.00998 = $998

You can find your home’s assessed value online in the property database of the Houston County Assessor’s Office website.

Homestead exemptions in Georgia

If you are a homeowner in Georgia, you will want to look into applying for a homestead exemption. If eligible, these legal provisions will decrease your property tax. Note that this exemption only applies to your primary residence and that rates vary by location.

The basic state-wide homestead exemptions in Georgia are:

  • Standard Homestead Exemption: $2,000
  • Individuals Aged 65 Years and Older: $4,000
  • Individuals Aged 62 Years and Older: Exemption from all property taxes for educational purposes if income is not over $10,000
  • Floating Inflation-Proof Exemption for Individuals Aged 62 Years and Older: Protection from floating inflation on natural increases in homestead value exceeding $10,000
  • Disabled Veteran or Surviving Spouse: $60,000 plus an additional sum for all property taxes paid for county, municipal, and school purposes.
  • Surviving Spouse of U.S. Service Member: $60,000 plus an additional sum for all property taxes paid for county, municipal, and school purposes
  • Surviving Spouse of Peace Officer or Firefighter: Exemption for the full value of the homestead as long as applicant occupies the residence as a homestead

Additions to these exemptions, as well as other exemptions, may be available depending on the county, city, or school district you live in.

Computing for property tax in Georgia with a homestead exemption

To know how much a homestead exemption affects your property tax, simply subtract the exemption amount from your property’s assessed value.

Let us once again use the Warner Robins (Houston County) home with an assessed value of $100,000 as an example. If you are over 65 years old and have been living in the city for at least 5 years, then you are eligible for a $24,000 exemption. This makes your home’s taxable value pegged at $76,000.

$100,000 – $24,000 = $76,000

You then multiply that to the millage rate of $9.98 for every $1,000 to get the total reduction in your property taxes.

$76,000 x 0.00998 = $758.48

If you did not get the homestead exemption, your property tax would have been $998. With it, you have now saved $239.52.

Wingate Custom Homes can help you build the home you have always wanted. They can even connect you with real estate companies in Warner Robins, GA who can assist you with your property taxes. Contact them here.

By WCH Homes