Property Tax

Property Taxes are the various levies that local and federal governments apply to real estate property owners in a particular area. The total amount varies based on many factors, including location, local laws, type of property, the value of the home, and more. Any home buyer or owner must consider these taxes before deciding to buy or sell a property in Atlanta, GA.

Check out our original blog post at https://www.atlantadreamliving.com/ for more information.

Property Taxes in Atlanta, Georgia

• Effective property tax rate: 0.94 percent
• Median home value: $173,700 (21st lowest)
• Per capita property taxes: $1,124.80 (19th lowest)
• Median household income: $56,183 (19th lowest)

Assessed Home Value

The amount of money a homeowner has to pay in Atlanta depends on the assessed value of their property. This value is based on the current market value of each home, which an assessor will determine upon the appraisal of your property. In Atlanta, a state assessment ratio of 40% is used for all properties, which means that if your home's market value is $200,000, the assessed value is $80,000.

Check out our original blog post at https://www.atlantadreamliving.com/ for more information.

Property Tax Rates

Property tax rates statewide are valued based on mills equal to $1 of taxes for every $1,000 of assessed property value. It is best to use effective property tax rates when comparing the different rates between two locations. These taxes are due every December 20, which you have to pay 60 days from the date of the billing. You should file tax returns between January 1 and April 1 when you are updating the value of your property. There are many payment options available to homeowners in Atlanta; you should refer to your local government office for more information.

Calculating Your Property Tax

The basic formula for calculating the property tax for your home in Atlanta, GA, is  [(assessed value) – $2,000] * millage rate = tax due. For example, a home with a fair market value of $100,000 in an unincorporated area of a county where the millage rate was 25.00 mills, that home's property tax would be $950.00–[(100,000 * 40%) – $2,000] * .02500 = $950.00. 

Check out our original blog post at https://www.atlantadreamliving.com/ for more information.

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If you are a buyer, it is important to have the assistance of a Buyer's Agent to represent you during the transaction. If you need additional assistance or would like to schedule a showing, contact our office at 678-442-1509.