Ad valorem tax is a type of tax that is levied on the value of a property or goods. It is a Latin phrase meaning “according to value” or “according to worth”. In Georgia, ad valorem taxes are assessed and collected on both real and personal property. These taxes are set by the local Board of Assessors and County Commissioners. The proceeds from ad valorem taxes are used to finance schools, libraries, roads, and other public services.
How Is Ad Valorem Tax Calculated in Georgia?
Ad valorem taxes in Georgia are calculated based on the fair market value of the property or goods. The fair market value is determined by the local Board of Assessors. The Board of Assessors considers a variety of factors such as the location of the property, recent sales in the area, and the condition of the property. Once the fair market value of the property has been determined, the ad valorem tax rate is applied. The tax rate is set by the County Commissioners and ranges from 0.00% to 18.00%.
Who Is Required to Pay Ad Valorem Tax in Georgia?
Ad valorem taxes are assessed on both real and personal property. Real property includes land, buildings, and any other structures located on the land. Personal property includes furniture, vehicles, jewelry, and other items of value. In Georgia, all property owners are responsible for paying the ad valorem tax on their property. Property owners must pay the tax in full by the due date specified by the local Board of Assessors.
What Are the Penalties for Not Paying Ad Valorem Tax in Georgia?
If a property owner fails to pay their ad valorem taxes by the due date, they may be subject to a penalty. This penalty is a percentage of the amount due, which is set by the local Board of Assessors. In addition, the property owner may be subject to a lien on the property. This lien must be paid in full before the property can be sold or transferred to a new owner. Property owners who fail to pay their ad valorem taxes may also be subject to additional penalties.
What Are the Benefits of Paying Ad Valorem Tax in Georgia?
Ad valorem taxes are an important source of revenue for local governments in Georgia. The proceeds from these taxes are used to finance schools, libraries, roads, and other public services. In addition, ad valorem taxes can help to reduce the tax burden on other taxpayers. By paying their ad valorem taxes, property owners help to ensure that their local government is adequately funded.
How Can a Property Owner Appeal Their Ad Valorem Tax Assessment in Georgia?
Property owners who believe their ad valorem tax assessment is too high may appeal to the local Board of Assessors. The Board of Assessors will review the appeal and make a decision based on the evidence presented. If the Board of Assessors agrees that the assessment is too high, they may reduce the amount of ad valorem tax that is owed. Property owners may also appeal the assessment to the County Commissioners. The County Commissioners will review the appeal and make a final decision on the amount of ad valorem tax that is owed.
What Is the Deadline for Paying Ad Valorem Tax in Georgia?
The deadline for paying ad valorem taxes in Georgia is typically April 1 of each year. Property owners must pay the taxes in full by this date to avoid any penalties or liens. Property owners who are unable to pay their taxes by the due date may be eligible for an extension. Extensions are granted on a case-by-case basis and are subject to the approval of the local Board of Assessors.
What Are Some Common Exemptions to Ad Valorem Tax in Georgia?
Some common exemptions to ad valorem tax in Georgia include homestead exemptions, agricultural exemptions, and disabled veteran exemptions. Homestead exemptions are available to property owners who use their property as their primary residence. Agricultural exemptions are available to property owners who use their property for agricultural purposes. Disabled veteran exemptions are available to veterans who are 100% disabled due to a service-related injury. Additional exemptions may be available, so property owners should contact their local Board of Assessors for more information.
Summary
Ad valorem tax is a type of tax that is levied on the value of a property or goods in Georgia. Ad valorem taxes are assessed and collected on both real and personal property. Property owners are responsible for paying the ad valorem tax on their property by the due date specified by the local Board of Assessors. Property owners who fail to pay their ad valorem taxes may be subject to a penalty and a lien on the property. Ad valorem taxes are an important source of revenue for local governments in Georgia and can help to reduce the tax burden on other taxpayers. Property owners who believe their ad valorem tax assessment is too high may appeal to the local Board of Assessors or County Commissioners. The deadline for paying ad valorem taxes in Georgia is typically April 1 of each year. There are several exemptions to ad valorem taxes, so property owners should contact their local Board of Assessors for more information.
