When researching a new place to live, its important to understand how local property taxes are assessed.
Here in Georgia. each county, municipality, and local school board sets the millage rate - which is best understood as "how many dollars per $1000 in taxable value" will you have to pay.
But wait! Its not that simple. You see, in Georgia, we begin with the county tax assessor setting a "fair market value" for each property. The Fair Market Value represents a reasonable idea of what your property might sell for if recent sales of similar properties are taken into account. The Fair Market Value gets multiplied by 40%, to get the value to which the millage rate is applied.
So if the Fair Market Value of your property is $100,000 and the millage rate is 25mils - your calculation will be $100,000 x 40%, or $40,000 divided by $1000 times 25, or $1,000.
Some properties or owners may qualify for special tax breaks - disabled veterans, for example, or limited income seniors. In some counties, there are tax breaks available to for just a portion of your taxes - some offer senior tax abatements for school taxes, for example. Its important to check with the local tax assessor to see if you qualify for any special property tax breaks.
There are three counties adjoining Lake Oconee:
Morgan - 2011 mil rate is 24.875, or $995 per $100K of fair market value
Greene - 2011 mil rate is about 17.638 (varies by local fire district), or $705 per $100K of fair market value
Putnam - 2011 mil rate is 16.8, or $672 per $100K of fair market value
Finding a home you love, in a community thats a great fit, and at a price that suits your budget will always be the most important criteria when choosing your next home - so don't fall into the trap of making a BIG decision on just one criteria like local property tax rates.
Comments(0)