How Property Taxes Are Calculated in Georgia

How Property Taxes Are Calculated in Georgia

• Fair Market Value (FMV): Your home is assessed for its current market value.

• Assessed Value = 40% of FMV: Georgia law says only 40% of the FMV is taxed.

• Apply Millage Rate: Your county/district sets a rate (1 mill = $1 tax per $1,000 of assessed value).

• Subtract Exemptions: Homestead or senior exemptions can reduce what you owe.

• Final Tax Bill = (Assessed Value – Exemptions) × Millage Rate

Example:
If your home is worth $300,000 and your millage rate is 30 mills:

• Assessed value = $120,000 (40% of $300,000)

• Tax = $120,000 × 0.030 = $3,600 per year (before exemptions)