In
Georgia
property
is
required
to be
assessed
at 40%
of the
fair
market
value
unless
otherwise
specified
by law.
| Property is assessed at the county level by the Board of Tax Assessors. The State Revenue Commissioner is responsible for examining the digests of counties in Georgia in order to determine that property is assessed uniformly and equally between and within the counties. (O.C.G.A. 48-5-340)
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Example:
The
assessed
value--40
percent
of the
fair
market
value--of
a house
that is
worth
$100,000
is
$40,000.
In a
county
where
the
millage
rate is
25
mills,
the
property
tax on
that
house
would be
$1,000;
$25 for
every
$1,000
of
assessed
value or
$25
multiplied
by 40 is
$1,000.
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