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Facts & Figures - Georgia

Property taxes for the state of Georgia.

If you live in The Peach State, you probably know already that real and personal property are both taxable unless the law specifies otherwise. Real property consists of land and anything built on it, growing in it or attached to it in any way.

Real property is assessed at 40% of its fair market value and taxed by the county in which the land is situated (i.e. the appropriate millage rates are applied to arrive at the ad valorem tax due), whereas personal property is taxed according to the county in which the owner has his permanent place of residence. Depending on where your property is located, your millage rate will vary since each county will differ in what it feels necessary for funding. School districts, city, and other taxes, for example, will change accordingly.

Unlike several other states, Georgia does not tax intangible property, which is any type of property that has no physical substances such as stocks, bonds, bank accounts, or CODs.

To people who own and occupy their homes, a homestead exemption is available worth up to $2,000. To receive this benefit, simply apply through the local county tax commissioner by January 1. An exemption up to $50,000 is available to disabled veterans. Homeowners 62 and over who earn $10,000 or less are exempt from school taxes for up to $10,000 of their property’s assessed value.

In fact, many homeowners find that the tax exemptions offered by counties are far more beneficial than those provided by the state. All exemptions are filed with the county tax commissioner or the county tax assessor’s office. For more comprehensive information on homestead exemptions in Georgia, click here.

Georgia Department of Revenue learn more.



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