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Old 08-28-2019, 01:23 PM
VJP
 
Location: Decatur, GA
665 posts, read 1,457,361 times
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Quote:
Originally Posted by rajm View Post
When I am looking on realtor or zillow, property taxes for a 430K house are around 4K, so these are based on the sale price when the house was sold? (maybe for less) So when I buy this home now for 400K, my new property prices would be around 6500? If yes, that means I cannot rely on the figures shown on zillow/realtor
Sorry for too many questions
You can google 'qpublic fulton' and look up the actual taxes on any property in the county. The taxes are based on appraised values, which will over time, increase, in a place like Alpharetta. Assume about 1.25-1.5% of home value for taxes. On a 500k property, we are talking about budgeting between 5-7k for taxes currently. Given that you should also budget $5k for repairs, I'm certain if you can afford the home, a few hundred bucks in tax uncertainty should be okay for you. We do have a homestead exemption (look at sample bills on the website I pointed you to) which you can apply for in march of the first year you own your home. We are not like california and do not have a prop 13 type of cap on property tax that only reassess if there is a new, stepped up basis.
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Old 08-28-2019, 01:36 PM
 
24 posts, read 11,470 times
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Quote:
Originally Posted by VJP View Post
You can google 'qpublic fulton' and look up the actual taxes on any property in the county. The taxes are based on appraised values, which will over time, increase, in a place like Alpharetta. Assume about 1.25-1.5% of home value for taxes. On a 500k property, we are talking about budgeting between 5-7k for taxes currently. Given that you should also budget $5k for repairs, I'm certain if you can afford the home, a few hundred bucks in tax uncertainty should be okay for you. We do have a homestead exemption (look at sample bills on the website I pointed you to) which you can apply for in march of the first year you own your home. We are not like california and do not have a prop 13 type of cap on property tax that only reassess if there is a new, stepped up basis.
Thank you!!
When you say 1.25-1.5% of 'home value', this home value is based on the recently sold price or the county has its own assessment methods?
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Old Yesterday, 10:07 PM
 
54 posts, read 48,931 times
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Each county has its own assessment methods. I'm pretty sure the recent sale price would be a major factor in the assessment.

The following property tax calculator is a little outdated, but it still gives you a very good idea of the different property tax rates around the Atlanta suburb.

https://www.homeatlanta.com/atlanta_...calculator.htm

I live in South Forsyth and the property tax is among the lowest in the Atlanta suburb. Here's the link to school district

https://www.forsyth.k12.ga.us
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Old Today, 08:42 AM
 
3,510 posts, read 5,165,120 times
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Quote:
Originally Posted by rajm View Post
Thank you!!
When you say 1.25-1.5% of 'home value', this home value is based on the recently sold price or the county has its own assessment methods?
Usually it's a combination of several recent sales in your neighborhood, this way an outlier either high or low doesn't effect your assessment. If you have taken stats you will understand what I mean when I mention standard deviation.

You can personally appeal your assessment for a lower assessment, you must bring proof why your property is lower than the average recent sales. This could be close to a busy home vs. a lakefront for other properties. I did this in Savannah as I was reassessed based upon several recent marsh front home sales, marsh front lots were a $50k upgrade for the builder.
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