# Property tax

> A yearly tax on the home's value, set by your county and city. Most buyers pay it monthly as part of the mortgage payment, through escrow.

By David Knorr, founder of BuyWise Home. Last reviewed October 28, 2026. Web page: https://www.buywisehome.com/guide/glossary/property-tax

## Why it matters to you

The seller's current bill may be lower than yours will be: their exemptions end when they sell, and the county may reassess the home at the price you paid. Budget for your own bill, and apply for the [homestead exemption](https://www.buywisehome.com/guide/glossary/homestead-exemption).

## Related

- [Step 1: Am I ready to buy?](https://www.buywisehome.com/guide/ready-to-buy)
- [Homestead exemption](https://www.buywisehome.com/guide/glossary/homestead-exemption): A property tax cut on the home you live in. In Georgia, apply by April 1.
- [Escrow](https://www.buywisehome.com/guide/glossary/escrow): Money held by a neutral party until the deal closes, and later, your tax and insurance account.

_General information based on the standard Georgia REALTORS® purchase contract and public guidance. Your own contract decides: read it, and ask your agent or closing attorney about anything that matters. Not legal or financial advice._