Atlanta's Best Neighborhoods to Own a Home

Georgia Taxes: Up, Up and Away!

Here we go again: the state of Georgia has raised many of our tax fees and lowered just a few.

On May 12, the governor of Georgia signed House Bill 1055 into law. Taking effect immediately, it raises the mortgage-per-loan fee from $6.50 to $10.00. This fee is charged on every purchase and refinance HUD-1 statement, as part of the borrower's closing costs. The state portion of the property taxes has been eliminated. All property taxes collected will go to the county and city where the property is located, for their use. However, don't look for reduced taxes. My guess is that counties and cities will continue to try to hike taxes, while cutting back services.

The good news is that the bill eliminated state income tax on retirement income for seniors aged 65 and older.

Many court filing fees and license fees have increased, some by over $100. Real estate recording fees did not change, but civil action fees, corporate fees and other transactional fees are affected. Georgia's county clerks' website has DOUBLED their printing fees. That means, when I take a new listing or take on a new buyer-client, the research work/printing is now twice the amount!

I know: these amounts may seem like pennies to some people, but multiply it by every transaction and every levied tax. It feels like one more "gotcha" by our state!

0 commentsNancy Aroneck • May 21 2010 10:10AM
Georgia Taxes: Up, Up and Away!
share
Here we go again: the state of Georgia has raised many of our tax fees and lowered just a few. On May 12, the governor of Georgia signed House Bill 1055 into law. Taking effect immediately, it raises the mortgage-per-loan fee from $6. 50 to $10. 00… more