Hi. I have been looking to purchase some investment properties in Georgia and I am not sure what to assume on Property Taxes. From what I have seen, there is a common approach in which Assessed Values are determined as 40% of the Fair Market Values. Milage rates are high but overall taxes are low due to this "40% approach". Should I be concerned about that 40% approach to disappear and then property taxes to go up? Many thanks!
40% of assessed value is written into GA state law. It will not change in the near future.
Many thanks Stan!
Be aware that some cities, such as Decatur, have high taxes that need to be considered. Also, the City of Atlanta Watershed is notorious for allowing tenants to never pay their water Bill's and not cutting off services, leaving property owners holding the bag (they try to make water bills stay with the property, not the account holder). You'll want to check with COA Wateshed to ensure no unpaid balance will be transferred to you if you purchase in city limits. There are a few threads on BP discussing this if you want more context.
Many thanks Latasha. Fortunately, in this case, the properties are at Grovetown & Augusta