Enter your loan amount and the intangible tax rate into the calculator to determine the intangible tax.
Intangible Tax Calculation Formula
The following formula is used to calculate the intangible tax from your loan amount.
Intangible Tax = Loan Amount * (Intangible Tax Rate / 100)
Variables:
- Intangible Tax is the tax amount to be paid ($)
- Loan Amount is the total loan amount ($)
- Intangible Tax Rate is the percentage rate of the intangible tax (%)
To calculate the intangible tax, multiply the loan amount by the intangible tax rate and divide by 100.
What is Intangible Tax?
The intangible tax is a tax imposed on the issuance of long-term notes secured by real estate. This tax is commonly levied in Georgia when a mortgage or deed of trust is recorded. The purpose of this tax is to generate revenue for the state and local governments based on the value of the intangible property.
How to Calculate Intangible Tax?
The following steps outline how to calculate the intangible tax using the given formula.
- First, determine your loan amount based on the mortgage or deed of trust.
- Next, determine the applicable intangible tax rate.
- Use the formula from above: Intangible Tax = Loan Amount * (Intangible Tax Rate / 100).
- Finally, calculate the intangible tax by plugging in the values.
- After inserting the variables and calculating the result, check your answer with the calculator above.