Quick Guide To Atlanta Real Estate Taxes
And Mortgage Rates | Figure Your Monthly Property Tax
A monthly house payment is made up of several items, but most of it is principal and interest (see Mortgage P&I). The other major part of the payment is property tax. To estimate your monthly real estate tax payment, multiply the total appraised value of your home by 40% (100% in Gainesville only). Deduct from this amount your homestead exemption using the following figures: $2,000 for Cherokee, Douglas, Fayette, Forsyth, Hall and Paulding; $4,000 for Henry and Newton; $10,000 for Clayton, Cobb and DeKalb; $12,000 for Rockdale; $15,000 for Fulton. For Gwinnett, call the tax commissioner for exemption information. Divide the balance by 1,000. Multiply this amount by the millage rate listed below. This final figure is your estimated annual tax; divide by 12 to calculate your estimated monthly property tax.
| CLAYTON COUNTY | FAYETTE COUNTY | HENRY COUNTY | College Park 32.47
Forest Park 28.42
Jonesboro 24.97
Lake City 24.97
Morrow 24.97
Riverdale 26.47
County-Fire 29.71
Non-Fire 24.97 | Brooks 36.80
Fayetteville 37.25
Peachtree City 36.36
Tyrone 38.30
Unincorporated 34.57 | Hampton 37.05
Locust Grove 37.05
McDonough 40.08
Stockbridge 37.05
Unincorporated 36.04 | | | | | | | MORTGAGE P&I | Monthly Principal & Interest Payments Over 30 Years
What your new home is going to cost, or rather how much you pay each month, isn't really difficult to calculate. After you have decided on the down payment, it is relatively easy to calculate your monthly payment.
The chart tells you the monthly repayment of your mortgage. The principal and interest payment is in direct proportion to (1) how large the mortgage is and (2) the rate of interest charged on that mortgage. A third important factor is the length of the mortgage. Today most mortgages are for 30 years. The table is designed to show you (to the nearest dollar) how much a 30 year mortgage will cost you each month.
Remember, the interest portion of your mortgage payment (along with real estate taxes) can be deducted on your tax return. Further, for the first few years, most of your principal and interest payment will be interest.
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