There’s nothing more stressful than owing thousands of dollars in taxes and not knowing how you’re going to pay them off. As the Toombs County Tax Assessor, it’s my job to make sure that doesn’t happen! Here at the Toombs County Tax Assessor’s Office, we’ve got everything you need to know about property taxes, including how they get assessed and what you can do if you have trouble paying them on time.
Toombs County tax assessor Mark Ellison is responsible for determining the value of all taxable property in the county, which includes residential, commercial and industrial properties, as well as personal property such as automobiles and boats.
Property taxes are an important source of income for Toombs County and its cities, towns and school districts, so it’s very important that their value be calculated accurately and honestly to ensure everyone pays their fair share of taxes.
The office of the Toombs County Tax Assessor plays an integral role in this effort by serving as the final authority on the value of all taxable property in the county.
How much do you pay in taxes?
Taxes can be confusing and intimidating, but they’re a necessary evil that we all have to deal with. Whether you own your home or are renting an apartment, you’re going to pay property taxes every year. But how much do you pay in taxes? It’s important to know just how much of your hard-earned money is going towards the tax man.
Property taxes are calculated by taking the value of the property and multiplying it by the millage rate. In most areas, this will lead to something like .29 (2 mills) per $100 of assessed value. That means if you bought a $200,000 house for example, your annual property taxes would come out to about $4,800.
However each county has different rules when it comes to what can be taxed so make sure you get your specific number from Toombs County before making any assumptions on what yours might look like. Here at Toombs County Tax Assessor we want everyone to understand their rights as well as their obligations so please contact us if there is anything else we can help with!
How does your property value affect your taxes?
You’ll have to file your taxes in accordance to the county you live in, and the property value will determine what tax bracket you fall into. If your property is valued at $100,000 or less, then you’ll pay a $3.00 state tax on every $1,000 of property value. This would equate to a total of $0.30 per month.
However, if your property is valued over $100,000 and falls into the next tax bracket (the first bracket past the homestead exemption), then you’ll be subject to a higher rate of taxes – and that’s not including any other fees or exemptions we haven’t mentioned yet.
For example, if you own a property valued at $250,000, then you’ll pay an additional 6% increase for being in this bracket. That means that your taxes will go from $3.00 per month to about $4.90 per month for every 1,000 dollars of property value.
How does your parcel size affect your taxes?
Property taxes are calculated based on the total assessed value of your property. This value is determined by the Toombs county tax assessor through a process called reappraisal. Reappraisal in Georgia is conducted every two years and considers changes to market conditions and other factors that might affect property values. In short, it’s a way for the tax assessor to know how much you owe each year.
The size of your parcel plays an important role in determining how much you will pay in taxes. For example, if you have a large parcel with high-value properties on it then your total assessed value will be higher than if you had smaller parcels with low-value properties on them. You can read more about how this works in our blog post here.
If you’re thinking about buying or selling a home, talk to your realtor about what the local market has been like lately so you’ll know what kind of taxes you may face when moving into or out of this area. If there has been significant growth or decline in certain areas we may not even need to do a reappraisal at all which could save everyone time and money!
How does the median household income affect your taxes?
If you’re looking for a way to determine the impact of taxes on your monthly budget, then you’ll want to take a look at the median household income. If this number is greater than or equal to $50,000, then you’re in the top 50% of tax brackets. If it’s less than $50,000 but more than or equal to $30,000 then you’re in the middle 33%.
Finally, if it’s less than $30,000 but more than or equal to $20,000 then you are in the bottom 25%. All percentages are based on annual earnings. For example, someone who earns $50000 per year would be in the top 50%, while someone who earns only $4000 per year would be in the bottom 25%. In addition, if you have dependents and file as head of household then your percentage may be higher.
Single filers without children will typically fall into the bottom tier no matter what their income level. Residents with incomes below $10,000 usually don’t pay any property taxes because they do not own enough property to owe anything.
Can your property taxes be lowered with exemptions?
Property taxes are one of the biggest expenses that homeowners have to contend with, and the tax assessor’s office is a great resource for figuring out what your property taxes are based on. As a homeowner, you may qualify for various exemptions and deductions that will lower your property taxes.
For example, if you own your home outright without any mortgage or other liens against it then you’ll be able to claim an exemption of $50,000 in assessed value. If you’re over 65 years old and live in your home as your primary residence then there’s a $50,000 exemption available to you as well.
These exemptions can really make a dent in lowering the amount of property taxes owed by homeowners. In addition, those who purchase their first homes this year will also be able to get a deduction of up to $5,000 off their taxes.
Those who want more information about their property tax rates should contact the Toombs County Tax Assessor’s Office at (912) 477-8448 today!
There you have it – everything you need to know about your property taxes. From the Toombs County Tax Assessor, that is. If you are in need of more information, or if you have any questions, please contact the Toombs County Tax assessor’s office and they’ll be happy to help. You can also find all sorts of helpful information on their website. I hope this guide has been helpful for you!