The intent and purpose of the laws of Georgia are to have all property and subjects of taxation returned at the value which would be realized from the cash sale, but not the forced sale, of the property and subjects as such property and subjects are usually sold except as otherwise provided in this chapter. (O.C.G.A. 48-5-1)

In Georgia property is required to be assessed at 40 percent of the fair market value unless otherwise specified by law. (O.C.G.A. 48-5-7)  

Property is assessed at the county level by the Board of Tax Assessors.  The State Revenue Commissioner is responsible for examining the digests of counties in Georgia in order to determine that property is assessed uniformly and equally between and within the counties.  (O.C.G.A. 48-5-340)

The tax bills received by property owners from the counties will include both the fair market value and the assessed value of the property.  Fair market value means "the amount a knowledgeable buyer would pay for the property and a willing seller would accept for the property at an arm's length, bona fide sale." (O.C.G.A. 48-5-2)

Property owners that do not agree with the assessed value on their proposed assessment can file an appeal with the county board of equalization. (O.C.G.A. 48-5-311)