General Georgia Property Taxes
· Based on local and state level, Georgia has the eighteen lowest per capita tax rate.
· In Georgia, property is required to be assessed at 40% of the fair market value. At the county level property is assessed by the Board of Tax Assessors. At the state level the Revenue Commissioner examines the digests of counties in Georgia in order to determine that property is assessed uniformly and equally between and within the counties.
· Tax bills include both the Fair Market Value and the assessed value of the property. The formula to calculate annual rate:
Sales Price x .40 = ______ x millage rate = Annual Rate
Local Millage Rates (2009):
Chatham County: Bryan County .021287
Incorporated: .025011 Richmond Hill .0042090
Unincorporated: .028486
Savannah City .0127
My personal rule of thumb is, if the property is located in the City of Savannah annual taxes will be about 1.50% of the sales price. If the property is located in Chatham County, but not in the city, taxes will be about 1.15% of the sales price. The difference being, if the property is in the City of Savannah you pay city taxes and county taxes.
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Individual Income Tax
Georgia’s Individual Income Tax consists of 6 separate brackets with a top rate of 6% kicking in at an income level of $7,000.
Sales Taxes
Georgia levies a 4% general sales or use tax on consumers, below the national median of 6%. Localities are allowed to levy “local option” sales taxes on gasoline. The city of Savannah and Chatham County have a 2% local option sales tax along with a 1% Special Purpose Local Option Sales Tax (SPLOST) that was originally passed by 81% in November 2002 and renewed by voters in 2007. This tax provides funds for local infrastructure improvements.
Please visit Georgia Department of Revenue web site for more information about taxes in the state of Georgia.
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