The formula for calculating property tax of Georgia is as follows:
Annual Property = [(40% * FMV) - HE] * MR
where FMV = Fair Market Value of Property
HE = Homestead Exemption
MR = Mill Rate
The Mill Rate and Homestead Exemption vary according to the situation of the property tax payer.
The Tax Commissioner's office is entrusted with the responsibility of billing, collecting and paying out property taxes. The properties that are taxed can be of different types as mentioned above. Property tax in Georgia is collected on real estate and other forms of personal property like business assets, airplanes, boats, mobile homes and motor vehicles.
The property tax returns are declarations of property owned by the people of Georgia. The real property includes real estates and the various improvements made to them. Personal property includes furniture, machines, fixtures, inventories, equipments and others. Every individual, corporations and partnerships of Georgia must file returns.
The following are the forms of property, which are considered for preferential property tax treatment:
- Rehabilitated historic property
- Landmark historic property
- Property for agricultural purposes
- Brownfield
- Residential transitional property
- Conservation use property
The Georgia Department of Revenue is entrusted with the duty of controlling the property tax issues of the state. Property is taxable in the county in which the land is located, where the owner resides legally. The administrative systems are present for each of the counties of Georgia. The counties set their own millage rates. Property tax returns should be paid to the county tax commissioner between 1st January and 1st April. This rule is however not applicable to the counties of Butts, Bibb, De Kalb, Newton, Hall and others.
