How is property tax calculated in Georgia?

Property tax in Georgia is calculated by taking the assessed value of the property and multiplying it by the local tax rate. The assessed value is a percentage of the market value, and in Georgia, properties are typically assessed at 40% of their market value. This means that the local tax authority determines a tax rate that, when applied to the assessed value, generates the tax amount owed by the property owner.

This method ensures that the tax is based on a standardized approach, considering both the valuation of the property and the local need for revenue to fund services such as education, infrastructure, and public safety. The other options do not accurately represent how property taxes are calculated; for instance, relying solely on market value, rental income, or merely the age and condition of the property is not how taxes are determined in Georgia.