Whether you already own a fantastic piece of property in Gwinnett County or are considering purchasing a home in Georgia, it’s important to understand what property taxes you may be paying. The great news is that property taxes are fairly low in the state. While every county is slightly different, the media tax payment falls just above $1,400 a year. In this blog post, we’ll go over real estate tax services, understanding property assessment, and the specifics for those located in Gwinnett County.
Property Tax Rates in Gwinnett
When you look at the property tax rates of counties in Georgia, Gwinnett County has a rate that is the third highest. It comes in behind both Fulton County and Fayette County in terms of dollars. Compared to the effective state rate at 0.93%, you can expect the average effective rate in Gwinnett to be about 1.25%. This is higher than most counties, excluding Calhoun, Liberty, Taliaferro, Spalding, Miller, and Long Counties. Gwinnett is located northeast of Atlanta and has various property tax exemptions that property owners may qualify for, depending on their specific situation.
One example is the homestead exemption which is available for primary residences that an owner is occupying. Taking advantage of the exemption may drop the assessment value of your property by up to $10,000 for county taxes, $7,000 for recreation taxes, and $4,000 for school taxes.
Property Tax Basics
Georgia, as a state, has taxes at state, county, and municipal levels. However, state taxes are relatively low when it comes to property. The largest amount of your property taxes is related to your city and county. These taxes fund services like schools, police departments, fire departments, parks, and more.
Comparison to National Averages
When you consider property taxes in Georgia when compared to the states that border it, Georgia is the second highest in terms of average effective rate. Florida holds the top spot, with Alabama, North Carolina, South Carolina, and Tennessee having lower average property taxes.
In terms of the nation, the average in Georgia is near the middle. There are 24 states with the same or lower effective rates and 26 with a higher effective rate. When considering the highest and lowest average rates, Hawaii comes in at the bottom end while New Jersey is at the extreme top.
Potential Property Tax Exemptions
If you work with a company providing real estate tax services, they can clue you in about the various exemptions that are available in Gwinnett County. We’ll look over some of the most common exemptions and the details behind them to give you a better idea of what options may be available to you as a property owner in Georgia.
Senior Citizen Exemptions
For those who are at least 62 years of age, there may be exemptions available for you. If the annual family income for you is $10,000 or less, up to that amount from your home value can be exempt when it relates to school taxes. There is another exemption for those whose family income is no higher than $30,000. If this is the case for you, a portion of your property may be exempt from county taxes. The actual amount of your exemption will fluctuate and be based on the current year’s assessed value compared to the value of the last year.
Homestead Exemption
We mentioned the homestead exemption earlier but wanted to go more in depth about the requirement. If you are residing in your first Georgia home in Gwinnett County, you will find there is no property tax applied to the first $2,000 of the property value. However, based on a homeowner’s incentive adjustment, you may be exempt for up to another $18,000.
For seniors who are at least 62 and who have a family income of at or less than $10,000, the exemption will move from $2,000 to $4,000. This exemption is related to both school and county taxes. However, some cities and towns have additional local exemptions that homestead applies to. A company offering real estate tax services can provide more information on your options.
Line of Duty Exemption
For individuals who are married to a firefighter or peace officer who was killed in the line of duty, there is an exemption specifically for you. If this applies to your situation and you have not remarried, your property will be exempt in entirety from property taxes in Gwinnett County.
Exemptions for Veterans
If you are an individual who is a veteran and disabled, or if you are the surviving unmarried spouse of someone who is, you may qualify for a significant property tax exemption. The exact amount you are exempt from will depend upon a complicated set of regulations. In addition, if you are the spouse of someone who was in the United States armed forces who died in a conflict or war related to the military, you may qualify for a similar exemption. This only applies if you have not remarried. To learn more about the exact rules and amount of your potential exemption, you will want to speak to an expert in real estate tax services.
Procuring More Information
While laws about property tax are statewide, the government locally is tasked with administering and levying the taxes. A tax assessor in your area can help you determine which exemptions are available. You can also receive forms and information about deadlines from these professionals.
If you have other questions and want to speak to professionals, Fair Assessments LLC is here for you. We offer the expertise of licensed appraisers and former tax assessors. If you would like to get in touch with us to learn more, you can phone us at 404-618-0355, reach us by email at info@Fair-Assessments.com, or contact us on our website. We’d be happy to help you file an appeal of your property taxes and provide resources to help you through your journey.
