What is the level of assessment for property taxes in Georgia?

In Georgia, the level of assessment for property taxes is set at 40% of the fair market value of the property. This means when valuing a property for tax purposes, the local authorities will take the fair market value (the amount a buyer would pay in an open market) and assess it at 40%. This standardized assessment rate helps ensure uniformity and fairness across different types of properties and helps in calculating the property taxes owed.

Other options suggest different assessment rates, which do not reflect Georgia's statutory guidelines. By understanding that 40% is the correct and mandated level of assessment, one can better grasp how property taxes are calculated in the state and the principles of property valuation for taxation purposes.