Many taxpayers think that the effective median Gwinnett County tax rate at 1% is the tax rate applied to the property’s assessed value. This is not so since the effective median tax rate is calculated by dividing the median property tax by the median home value ($1950/194,200).
For example, if your real property has an assessed value of $100,000 as determined by the tax appraiser, your property tax is not actually $1,000. The tax commissioner will consider the homestead exemptions, millage rate, and other factors in the computation of your actual property tax for the year.
In the following sections, we will discuss the factors that affect the effective median Gwinnett County tax rate on property. We will also discuss the computation process involved.
General Reminders
The calculations discussed below are the general format adopted by counties in Georgia. The millage rate used in the computations is theoretical because each city and municipality in Gwinnett County can apply different millage rates, not to mention that the millage rate can also be different between counties and local school districts within Georgia.
In all counties, however, the millage rate equals 1/1,000 of $1 – or $1 for every $1,000 of assessed value. Your property may be subjected to different millage rates from several jurisdictions. The millage rate is then not simply the Gwinnett County tax rate. Your millage rate may be a combination of city and county rates.
Steps in Computation
First, determine your property’s assessed value, which is usually 40% of its appraised value (i.e., fair market value). You can find it on your recent Annual Notice of Assessment or your Tax Bill.
For example, if your property’s assessed value is $500,000 as assessed by the tax assessor, then its assessed value is $200,000.
Second, subtract the amount of exemptions the property has been approved for. In Gwinnett County, these exemptions are the Senior State Tax Exemption, the Senior School Tax Exemption, and the Regular Homestead Tax Exemption. Let’s assume that you qualified for a $10,000 exemption, thus, the property’s taxable value is $190,000 ($200,000 less $10,000).
Third, determine the millage rate applicable for your tax. Let’s assume that the property is subject to 10 mills by Gwinnet County and 5 mills by the municipality. Divide the mill rate by 1,000 so you get:
10 mills/1,000 equals 0.01
5 mills/1,000 equals 0.005
Fourth, multiply each of the results by the property’s taxable value.
$190,000 X 0.01 = $1,900 county tax
$190,000 X 0.005 = $950 municipality tax
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Annual property tax $ 2,850
But this is not the end of it. Your property tax bill may also include special assessments, which are charged for the benefits that your property directly or indirectly receives, such as paved streets. The special assessments are not dependent on the property’s values, the millage rates, and the Gwinnett County tax rate.
Do you have questions about the Gwinnett County tax rate, millage rate, and property valuation? Contact the tax assessor’s office as soon as possible or send us an email here at Fair Assessments for assistance in your appeal against your property’s assessment value.
