Personal Property Document With Example In Fulton
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FAQ
Personal property is subject to taxation just as real property.
If a home has a fair market value of $100,000, its assessed value is $40,000 based on the 40% assessed rate. This assessed value is used to calculate county property taxes. Note: taxes are calculated using your Fulton County, school, and city tax or millage rate. Next, subtract your exemptions.
Personal property typically consists of inventory and fixtures used in conducting business, boats, aircraft, farm machinery, motor vehicles, and mobile homes.
The $40,000 assessed value minus the exemption gives you a taxable value of $10,000 in this example. This is then multiplied by the Fulton County millage rate (9.2724) and then divided by 1,000 to give you your county property tax bill.
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 exempts a property owner from paying property tax on: Items of personal property used in the home if not held for sale, rental, or other commercial use. All tools and implements of trade of manual laborers in an amount not to exceed $2,500 in actual value.
Fulton County sales tax details The minimum combined 2025 sales tax rate for Fulton County, Georgia is 8.9%. This is the total of state, county, and city sales tax rates. The Georgia sales tax rate is currently 4.0%. The Fulton County sales tax rate is 3.0%.
To be eligible for the double homestead exemption: You must be 65 years old or older. You must be living in the home to which the exemption applies on January 1 of the year for which the exemption applies.
