Taxes
Real Estate Taxes
Assessed valuation in Georgia is 40% of real property value, and
industrial property is taxed at the same rate as commercial and
residential. Thus, the effective tax millage is 40% of the mills
levied. Millage is expressed as dollars of tax per $1,000 of value.
For a site located within one of the
tax districts of Spalding County, the combined 2020 ad valorem tax
rates are as follows:
| |
|
Outside City
|
Inside City |
| State |
|
.00 |
.00 |
| County Government |
|
15.588 |
15.588 |
| School District |
|
16.742 |
16.742 |
|
Sub-Total |
|
32.33 |
32.33 |
| |
|
|
|
| County Water District |
|
0.00 |
0.00 |
| County Fire District |
|
3.482 |
0.00 |
| City Government |
|
0.00 |
6.254 |
|
Sub-Total |
|
3.610 |
6.254 |
| |
|
|
|
|
Total Mills |
|
35.81 |
38.584 |
|
|
|
|
|
40% Assessment |
|
X .40 |
X .40 |
| |
|
|
|
|
Effective 2023 Tax
Rate |
|
$1.454 |
$1.543 |
State Corporate
Income Tax
While the maximum State Corporate Income Tax is 6%, since Georgia
income tax paid is deductible for Georgia and Federal income tax
purposes, the overall effective rate of the tax is approximately 4%.
With only a few exceptions, Georgia follows Federal income tax rules
in determining a corporation's net income that will be taxable in
Georgia.
An advantage is that
Georgia did not adopt the Federal 20% Corporate Alternative Minimum
Tax system. There is also an election for the corporation to adopt
depreciation deductions allowed for Federal income tax purposes
instead of the depreciation deductions previously allowed for
Georgia income tax purposes during the tax year the depreciated
property was placed in service.
State Individual
Income Tax
The maximum individual rate is also 6%. The standard deductions are:
|
Single taxpayers
and Heads-of-Households |
$2,300 |
|
Married filing
separate returns |
$1,500 |
|
Married filing
joint return |
$3,000 |
Franchise Tax
The annual corporate franchise tax in Georgia is computed on net
worth and ranges from a minimum of $10 to a maximum of $5,000 for a
company with more than $22-million of net worth. A company with
$4-million of net worth would pay about $1,000.
Employment Security
(Unemployment) Taxes
Georgia's unemployment insurance law is the Employment Security Law,
which is administered by the Georgia Department of Labor. The tax
rate for new employers is 2.7% imposed on the first $9,500 of gross wages
paid to each employee in a calendar year. The rate is recalculated
annually thereafter once the computation date (June 30) is reached
on or after
the 36 consecutive months. Any gross wage over the $9,500.00
would be nontaxable therefore there would be no more cost to the
employer on this employee, $9,500.00 X 2.70% = $256.50 per employee.
Unlike many
other states, the Georgia Trust Fund for unemployment insurance is
solvent; as of November 18, 2017, the state trust fund
balance was $1,836,033,691.00.
The maximum amount of
unemployment benefits a claimant may be paid is $330 each week up to
14 weeks.
|