I’ve previously written about the recent change in Georgia law, where the selling price of a Georgia house will be the assessed value for tax purposes. The law was a reaction to people owning homes that were assessed, for tax purposes, at values much higher than their true market value. Most of the general public, and a surprising number of REALTORS, still seem to be unaware of this new law.
It appears as if Fulton County, and many other counties, are having trouble with the implementation of the change in the law. The AJC recently did a story on how the Fulton Tax Assessors Office has appraised some homes for more than their last year’s selling price, despite the state law forbidding it:
“All he did was just go through that little bit of spot checking that I did,” said Georgia Property Taxpayers Committee president R.J. Morris, who found 400 properties that appeared to be valued above 2010 sales, 37 of which he verified himself. “I’d say there’s hundreds more.”
Fulton Chief Appraiser Burt Manning says he’s taking at least 29 properties to the Board of Assessors on Thursday to have their assessments lowered to their 2010 sales prices. Others have already been corrected, and more might still be changed, but Manning said he couldn’t provide numbers because he hasn’t been tracking the issue.
“We’re studying this stuff as we go,” he said. “It’s been quite a learning experience.”
If you’ve recently bought a home in the Atlanta area, make sure you compare the selling price to your county’s assessed value. If it’s assessed for more, you should contact the Assessors Office, because you’re overpaying property taxes.
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