Valorem Taxes In Ga
Description
How to fill out Sample Letter For Exemption Of Ad Valorem Taxes?
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FAQ
Georgia's TITLE AD VALOREM TAX Under the law, the fee for all vehicles titled will be 6.6 percent of the worth of the vehicle. It eventually could climb as high as 9 percent of the vehicle's worth. The old ad valorem tax system will continue to exist for vehicles titled in 2012 or earlier.
This tax law (Annual Ad Valorem Tax) is calculated by the vehicle values set by the Georgia Department of Motor Vehicle Division and multiplied by the mill rate set by the governing authorities (state, school, county, water authority).
Ad valorem taxes are due each year on all vehicles whether they are operational or not, even if the tag or registration renewal is not being applied for. Taxes must be paid by the last day of your registration period (birthday) to avoid a 10% penalty.
The Latin phrase ad valorem means "ing to value." So all ad valorem taxes are based on the assessed value of the item being taxed. Property ad valorem taxes (property taxes) are usually levied by local jurisdictions, such as counties or school districts.
How is ad valorem tax calculated? It is calculated by multiplying the property's assessed value with the tax rates applied. For example, if A buys a car worth $1000 and the rate applied is 4%, the tax applicable is 1000*4/100 = 1000*0.04 = $40.