Mathematics of Property Tax
To determine the amount of your property taxes, several values are needed. These values are the Fair Market Value (FMV), Assessed Value (ASV), and the Millage Rate. The Millage Rate is defined as dollars per $1,000.00 of assessed value. For tax year 2020, the combined millage rate for Forsyth County has been set at 27.614 mills ($27.614 per every $1,000.00 of net assessed value).
Fair Market Value (F.M.V.) X 40% = Assessed Value
Assessed Value X Millage = Tax
Millage is expressed as dollars per $1,000.00 of Assessed Value
Example: For 2020, Forsyth County's millage rate is set at 27.614 mills (decimal equivalent of .027614). If your property has a FMV of $100,000, the ASV would be $40,000 (40%). Multiply the ASV of $40,000, by the millage rate of .027614, to determine your property taxes. Using this example your property tax bill would equal $1,104.56.