PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM GLOSSARY
A millage rate is a property-tax rate stated in mills, with one mill equal to $1 of tax for each $1,000 of taxable assessed value.
Finance and Closing
Georgia taxes and closing math
Define, distinguish, apply, retrieve
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PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEBuild the complete exam definition
Learn the rule, separate it from the nearest distractor, then apply it to a Georgia fact pattern.
What does Millage rate mean?
A millage rate is a property-tax rate stated in mills, with one mill equal to $1 of tax for each $1,000 of taxable assessed value.
How do you separate the nearest exam answer?
The assessment ratio creates assessed value from fair market value. The millage rate is then applied to the taxable assessed value after the problem's stated exemptions.
What changes or stays the same in Georgia?
Georgia exam math commonly uses: fair market value × 40 percent, subtract the stated exemption when directed, divide by 1,000, then multiply by the mills.
Tax on $120,000 of taxable assessed value at 28 mills is $120,000 ÷ 1,000 × 28 = $3,360.
Treating 28 mills as 28 percent or applying it to full market value creates a large error.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDERetrieve the rule under exam conditions
Answer before reading the explanation. Then explain why every distractor belongs to a different term.
A Georgia home has a fair market value of $250,000 and no exemptions. The millage rate is 30 mills. Using the 40 percent assessment ratio, what is the annual tax?
- A
$3,000
- B
$7,500
- C
$30,000
- D
$300
Assessed value is $250,000 × 40 percent = $100,000, and $100,000 ÷ 1,000 × 30 = $3,000. Applying the mills to full market value gives $7,500. Treating 30 mills as 30 percent gives $30,000.
Mark each box only when you can perform the skill without looking.
I can define the term in one precise sentence.
I can separate it from the closest look-alike.
I can explain the Georgia rule or confirm that the national rule applies.
I can answer the practice check and explain every option.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEConnect the term to the wider exam
Use these relationships to move from isolated recall to a connected exam model.
Finance and Closing complete lesson
https://www.passgeorgiarealestate.com/blog/georgia-property-tax-millage-calculations
Official exam administration and content-outline source.
https://test-takers.psiexams.com/api/content/bulletin/4672Official source for fair market value, the 40 percent assessment ratio, and ad valorem taxation.
https://dor.georgia.gov/property-tax-valuation