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 2009 ad valorem tax
rates are as follows:
|
|
|
Outside City
|
Inside City |
|
State |
|
.25 |
.25 |
|
County Government |
|
14.88 |
14.88 |
|
School District |
|
18.80 |
18.80 |
|
Sub-Total |
|
33.93 |
33.93 |
|
|
|
|
|
|
County Water District |
|
0.00 |
0.00 |
|
County Fire District |
|
3.23 |
0.00 |
|
City Government |
|
0.00 |
8.60 |
|
Sub-Total |
|
3.23 |
8.60 |
|
|
|
|
|
|
Total Mills |
|
37.16 |
42.53 |
|
|
|
|
|
|
40% Assessment |
|
X .40 |
X .40 |
|
|
|
|
|
|
Effective 2009 Tax
Rate |
|
$14.86 |
$17.01 |
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 $8,500 of wages
paid to each employee in a calendar year. Thirty-six months, after
the computation date (6/30 of each year), the tax rate is computed
annually based on the unemployment experience of the company.
Computed rates range from 0.03% to a maximum of 7.02%.
Contributions that are
paid in at timely manner will result in a 5.4% credit against the
FUTA unemployment tax due the Federal Government.
Unlike many other
states, the Georgia Trust Fund for unemployment insurance was
solvent by more than $291,286,677 in September 2009.
The maximum amount of
unemployment benefits a claimant may be paid is $320 each week up to
26 weeks, effective July 2006.
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