Property taxes in Atlanta, GA
Unfortunately for homeowners across America, property taxes are on the rise as house values continue to increase across the nation. Property taxes are a necessary evil for every homeowner and one of the most difficult parts of the financial responsibility of owning a home. Property taxes are paid by individuals or entities who own property and are measured by the current assessed value of the property. The biggest challenge with the taxes changing as the current value of the house goes up is that when the value increases drastically, people can struggle with being able to afford a house that may have had for years or even decades.
Property taxes are typically paid as part of your monthly mortgage payment and put into an escrow account to be paid to the state and local municipalities. Most people choose this option because you pay roughly a few hundred dollars in addition to your mortgage and then don’t have to pay a lump sum of potentially thousands of dollars at the end of the year. You do have the option to pay the taxes all at once. That decision is made when you’re in the process of securing a loan from a bank or financial institution.
Property taxes are collected by the government to help fund a number of important community needs. They are typically used to fund schools, community services, infrastructure, and other local programs and projects.
Atlanta property taxes
Property taxes are calculated by using the property’s current value and the city’s tax rate. The city of Atlanta’s property tax rate in 2022 was .83%. A new study that was done by a real estate data firm states that the average property tax bill in Georgia increased by 11% from 2020 to 2021. With increased inflation on many of life’s necessities, from gas to food, some people are struggling with the added expense. According to the report by data analysts at ATTOM, Georgia’s property values have also increased 43% over the past year. The city of Atlanta’s property taxes rose 10% between 2021 and 2022 and home values jumped 42%.
How to calculate your Atlanta property tax
The challenge with calculating your potential property taxes is that you may not know what amount your house will be valued at by the local taxing authority. They will take into consideration many factors that determine the property value when assessing the current value of your house. You can do some research on how much houses are sold for and the asking price for homes in your neighborhood and then take an average of those numbers for an estimate.
Property Tax Calculator
(Estimated House Value) x (Property Tax Rate for Your Area) = Property Tax
To calculate the property tax on a house in Atlanta that’s valued at $200,000, you multiply that by the current property tax rate of .83%.
$200,000 x .83% = $1660
It’s important to keep on top of the current property tax rate as it fluctuates along with house values. What you paid in property taxes last year might not be what you’ll have to pay this year.
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If you’re having a hard time paying your Atlanta property taxes, one of the best solutions is to sell your house. As property values continue to increase along with the general cost of living, lots of homeowners are having a hard time managing the increased payments, putting them in a difficult financial situation. We Buy Ugly Houses® has specialized in helping people get out of “ugly situations” for 25 years.
We make selling your house for cash fast and easy. If you book a free, no-obligation consultation, we’ll come and visit your house and learn about your unique situation and work with you to find the best solution. We may even make a fair cash offer on that first visit. If you accept our offer, we can close quickly, sometimes in as little as three weeks, or later, if that’s more convenient for you. If your house has become a burden, call 866-200-6475 or fill out our online form for a hassle-free cash offer!
