When you're looking for real property tax services in Cobb County, there are a few things you should know to be certain you are getting everything that you need to help you with property tax.
First of all, real property refers to any real estate that you own. This is an important distinction from other assets and liquid funds, as it is taxed differently from other kinds of property. There are real property taxes levied at the state and local level, and so when searching for real property tax services, it's so important to be sure that the service provider you choose is deeply familiar with the taxation system specific to Cobb County.
How Can I Find Out How Much I Owe for Real Property in Cobb County?
Cobb County allows for people to look up their tax bill online right here. At this website you can look up your property and see how much this year's current tax bill is. Additionally, you can pay real property taxes in Cobb County online by visiting this website.
Because Cobb County provides these services on-line, it is much easier to find out what taxes you owe on any real property you own, as well as to make the ensuing payment. What is not quite so simple is understanding how the amount you must pay is determined.
How Are Real Property Taxes in Georgia Determined?
In Georgia there is a basic formula that roughly explains how the amount of taxes owed on real property is calculated. This formula takes the assessed value of the property, subtracts $2,000 which represents Georgia's standard deduction as a homestead, and multiplies the resulting sum by the millage rate. The millage rate is how Georgia refers to its tax rate. Overall, the tax rate for Georgia is lower than the rest of the nation, but this will depend on precisely where the property is located, and for all Atlanta-area counties, the rate tends to be higher. For Cobb County, the average tax rate is 0.742%.
The assessed value of the home is calculated by taking 40% of the fair market value of the home. The fair market value is meant to refer to the amount an actual well-informed buyer would pay to purchase the property. Just as the name implies, this is dependent on changing factors, such as the local and national real estate markets.
How Can You Save Money on Your Tax Bill?
The most effective way to save money on a tax bill is to appeal the assessment. There are numerous reasons why an assessment may be higher than necessary, resulting in you paying a higher tax bill. Right now property owners should be considering appealing their assessment, as the situation with coronavirus has impacted many property values.
To find out more about how Fair Assessments LLC can help you lower your tax bill, give us a call at (404) 618-0355.