Questions about this
Why is my assessed value only 40 percent of what the house is worth?
Because Georgia law sets it that way. The county assesses at 40 percent of fair market value statewide, then each county, city and school district applies its own millage rate to that figure. A mill is one dollar per thousand dollars of assessed value. It means a headline millage rate in Georgia is not comparable to one in a state that taxes full value.
How much does the homestead exemption actually save?
The statewide standard exemption takes $2,000 off the assessed value, which at 30 mills is about $60 a year. The exemptions that matter are the local ones. Several metro Atlanta counties offer far larger homestead and senior exemptions, and some freeze the assessed value for owners over a certain age. You have to apply, usually by 1 April, and it is not automatic when you buy.