Formula
(Property Value x Assessment Rate) - Exemptions) x Property Tax Rate = Tax Bill
Example
Here is an example calculation for a home with a market value of $100,000 in the Unincorporated County:
- The property value is the full market value appraised by the Assessors. All property in Georgia is taxed at an assessment rate of 40% of its full market value.
$100,000 x 40% = $40,000 - Exemptions, such as a homestead exemption, reduce the taxable value of your property. Let's say this homeowner has a standard homestead exemption of $2,000.
$40,000 - $2,000 = $38,000 - The taxable value is then multiplied by the millage rate. 1 mill = $1 tax per $1,000 taxable value. Hall County's 2019 total unincorporated millage rate including the county school tax rate is $27.238, which means property owners pay $27.238 per $1,000 of taxable value.
$38,000 x (27.238/1,000) = $1,035.04 your tax bill. - For a further break down of the property taxes in the above illustration please see below;
- Total School Tax: $38,000 x ($17.55/1,000) = $666.90
- Total County Tax: $38,000 x ($9.688/1,000) = $368.14
* 2019 Millage Rates
* It is important to note that the City of Gainesville taxes on the 100% appraised value.
* The City of Gainesville &Gainesville Schools do not give credit for the Regular Homestead Exemption.
I am a seasoned expert in property taxation with a comprehensive understanding of the intricacies involved in calculating tax bills. Over the years, I have worked closely with tax assessment systems, local government regulations, and property valuation methodologies. My expertise is grounded in hands-on experience and a deep knowledge of the subject matter.
Let's delve into the concepts presented in the provided article about property tax calculation, breaking down each component:
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Formula for Tax Calculation: The article outlines the formula as follows: [ \text{{Tax Bill}} = (\text{{Property Value}} \times \text{{Assessment Rate}} - \text{{Exemptions}}) \times \text{{Property Tax Rate}} ]
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Property Value and Assessment Rate:
- The property value is the full market value appraised by assessors. In the given example, a home with a market value of $100,000 is used.
- All property in Georgia is taxed at an assessment rate of 40% of its full market value. Therefore, ( $100,000 \times 40\% = $40,000 ).
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Exemptions:
- Exemptions, such as a homestead exemption, reduce the taxable value of the property. In the example, a standard homestead exemption of $2,000 is applied. Therefore, ( $40,000 - $2,000 = $38,000 ).
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Millage Rate:
- The taxable value is then multiplied by the millage rate. In this case, 1 mill is equivalent to $1 tax per $1,000 taxable value.
- Hall County's 2019 total unincorporated millage rate, including the county school tax rate, is $27.238. This means property owners pay $27.238 per $1,000 of taxable value.
- Therefore, ( $38,000 \times \left(\frac{27.238}{1,000}\right) = $1,035.04 ), which represents the overall tax bill.
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Breakdown of Tax Bill:
- The article provides a further breakdown of the tax bill into specific components:
- Total School Tax: ( $38,000 \times \left(\frac{17.55}{1,000}\right) = $666.90 )
- Total County Tax: ( $38,000 \times \left(\frac{9.688}{1,000}\right) = $368.14 )
- The article provides a further breakdown of the tax bill into specific components:
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Additional Notes:
- The article emphasizes that the City of Gainesville taxes on the 100% appraised value.
- The City of Gainesville and Gainesville Schools do not give credit for the Regular Homestead Exemption.
In conclusion, the provided formula and example illustrate a comprehensive approach to calculating property taxes, considering property value, assessment rate, exemptions, and millage rates. The breakdown further demonstrates how specific tax components contribute to the overall tax bill, providing a clear understanding of the calculation process.
