Georgia Property Ga For Sale
Description
How to fill out Georgia Property Management Package?
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FAQ
Transfer taxes: You'll also need to cover the cost of real estate transfer taxes, the fee for transferring ownership of the home to the buyer. In Georgia, the rate is the same across the entire state: $1 for every $1,000 of value. So, if you sell your home for $500,000, you will need to hand over $5,000.
How to Figure Tax: The assessed value (40 percent of the fair market value) of a house that is worth $100,000 is $40,000. In a county where the millage rate is 25 mills the property tax on that house would be $1,000; $25 for every $1,000 of assessed value or $25 multiplied by 40 is $1,000.
Georgia residents who sell their primary residence will generally not be required to pay capital gains tax on the first $250,000 of profit generated by the sale. Spouses filing a joint return may exclude the first $500,000 gained from the sale of their home.
You must have lived in the home for at least two of the last five years. You must also not have excluded gain from the sale of another home within the last two years. An important thing to note is that the amount you can exclude is limited. A single person can exclude up to $250,000 in profit.
The seller is typically responsible for paying real estate transfer taxes in Georgia, which are $1 for every $1,000 of the sale price. So, if you sell your home for $600,000, your tax bill for transferring ownership will be $6,000.