Understanding how property taxes work in your potential or existing home in Fulton County, Georgia is crucial. This guide breaks down the fundamentals of the Fulton County property tax system, empowering you to be an informed homeowner.
Property taxes in Fulton County, Georgia, are a primary way the local government funds essential public services. These taxes contribute to:
Schools: A significant portion supports the local educational system.
Public Safety: Funding for police, fire departments, and emergency medical services.
Infrastructure: Maintaining roads, bridges, and other vital community structures.
Parks and Recreation: Supporting local green spaces and recreational facilities.
Libraries: Providing access to knowledge and resources.
The calculation involves several steps within the legal and governmental framework of Georgia:
This is the estimated value of your property as of January 1st of the tax year, determined by the Fulton County Board of Assessors. They consider factors like location, size, condition, and recent sales of comparable properties ("comps").
In Georgia, residential property is taxed on 40% of its fair market value.
Assessed Value=Fair Market Value×40%
Example: If your Fulton County home is valued at $600,000, the assessed value for tax purposes would be:
600,000×0.40=240,000
The millage rate is the tax rate applied per $1,000 of assessed value. It is set by various entities including:
Fulton County Board of Commissioners
Fulton County Board of Education
The city government where your property is located (if applicable)
Millage rates are expressed in mills (1 mill = $1 tax per $1,000 assessed value).
Exemptions reduce the amount of assessed value subject to taxation. The most common for homeowners is the Homestead Exemption for your primary residence. Fulton County offers:
Basic Homestead Exemption
Additional exemptions for seniors, veterans, disabled individuals, and others
Important: You must meet specific residency requirements in Fulton County to claim these exemptions. The application deadline is typically April 1st each year.
Property Tax = (Assessed Value − Exemptions) × (Total Millage Rate ÷ 1000)
Understanding these basics will help you navigate your property ownership responsibilities in Fulton County. Always refer to official Fulton County websites for the most current and accurate information.