QUESTIONS AND CORRECT ANSWERS
What are the two classes of property in Georgia? - CORRECT ANSWER Tangible &
Intangible
What is the level of assessment for property taxes in Georgia? - CORRECT
ANSWER 40%
Fair Market Value - CORRECT ANSWER The amount a knowledgeable buyer would
pay for a property
Arms length bona fide sale - CORRECT ANSWER Transaction which has occurred in
good faith without fraud by unrelated parties
What is the date of valuation of property for property taxes in Georgia? - CORRECT
ANSWER January 1
Who is responsible for filling a property tax return? - CORRECT ANSWER The owner
The transaction amount of the _________________ arm's length bona fide sale in any year
shall be the ___________________ allowable fair market value for the next taxable year. -
CORRECT ANSWER most recent & maximum
The tran - CORRECT ANSWER