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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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