Understanding Property Taxes in Savannah, GA
Before purchasing a home in Savannah, GA, it’s essential to gather all necessary information. What are the local schools and neighborhoods like? What’s the cost of living? Another critical factor to consider is property taxes. Understanding how property taxes work in Savannah can help you make an informed decision. Golden Homes provides insights into what you should know as a homeowner in this charming Southern city.
What Are the Property Taxes in Savannah, GA?
Savannah is located in Chatham County, and property tax rates may vary from neighboring counties like Effingham or Bryan. It’s important to confirm the governing county for your prospective home, as different counties have different tax rates and exemptions.
As in most areas, property taxes in Savannah, GA, fund a variety of essential municipal services and community programs, including:
Police and Fire Departments
Parks and Recreation Management
Public Libraries
Street and Sidewalk Maintenance
Community Development and Zoning
Housing and Neighborhood Improvement Programs
Economic and Workforce Development Initiatives
How Are Savannah Property Taxes Calculated?
Savannah property taxes are based on 40% of your home’s fair market value, as determined by the Chatham County Board of Assessors.
For example, if you purchase a home valued at $350,000, the taxable assessed value is calculated as follows:
$350,000 × 40% = $140,000
Your property tax is then calculated based on the millage rate, which is currently $42.765 per $1,000 of assessed value. Using the example above:
140 × $42.765 = $5,987.10
Are There Property Tax Exemptions in Savannah, GA?
Yes! Homeowners can reduce their property taxes by applying for exemptions based on specific criteria. The most common exemption is the homestead exemption, available for primary residences. This exemption deducts $2,000 from the total taxable value, lowering the tax burden.
Using our example, applying a $2,000 homestead exemption would reduce the your property tax to $3,987.10
To qualify, homeowners must occupy the property as of January 1 of the tax year and apply before April 1, providing proof of residence (such as a Georgia driver’s license, vehicle registration, or a utility bill).
Additional Property Tax Exemptions
In addition to the homestead exemption, Savannah offers several other tax relief programs, including:
Senior School Tax Exemption
School Tax Disability Exemption
Special Chatham County Exemptions
Disabled Veterans or Surviving Spouse of 100% Disabled Vet
Surviving Spouse of U.S. Service Member Killed in Action
Surviving Spouse of Firefighter or Peace Officer
City of Savannah Floating Homestead Exemption
Tax Deferral for the Elderly
Each exemption has its own qualifications and benefits, and they can often be combined with the homestead exemption for greater savings.
Final Thoughts on Savannah Property Taxes
Understanding Savannah’s property tax system can help you budget effectively and take advantage of available tax savings. Property tax rates and exemptions are subject to change, so it’s always a good idea to consult with a local tax professional or the Chatham County Tax Assessor’s Office for the latest information.
If you need guidance in purchasing a home in Savannah, Golden Homes is here to assist you every step of the way! Our team can help you navigate the home-buying process, ensuring you make informed decisions about property taxes and other crucial factors.
