Given that it is January 2013 it is time to start talking about Gwinnett County property tax in 2013. As you may be aware the effective date of appraisal in Georgia for property tax purposes is January 1 of every year. Currently, the tax assessors personnel are verifying sales that took place during calendar year 2012 that they will use to change values for tax year 2013. According to the Case-Shiller home price index for Atlanta Georgia home prices have risen approximately 10.5% since February 2012. However, this is an average and not all market areas have risen.
For example, based on data from AtlantaREValues.com, values in the Brookwood elementary school district in Snellville, Georgia declined 32% from the market peak to trough, and values have declined 11% in 2012 as compared to 2011. Overall values in this market area are considered weak. In Riverside elementary school district in Suwanee Georgia values also declined 32% from peak to trough and were down 5.3% in 2012 as compared to 2011. Values here are also considered weak. In the Gwin Oaks elementary school district in Lawrenceville, Georgia values declined 44% from peak to trough but values were up in 2012, approximately 14% over 2011. In Freeman's Mill elementary school district also in Lawrenceville, Georgia values declined 38% from peak to trough and recently values have been stable.
So you can see that it depends on what market areas you're looking at. Some areas are still showing value weakness. Others are showing stability and still others are showing some signs of strength. It's interesting to note that it was recently reported that the ZIP Code 30045 in Lawrenceville, Georgia had more foreclosure filings than any other ZIP Code in the country. Even though the two elementary school district examples above that are in Lawrenceville show signs of stability or recovery, based on the foreclosure filings the recovery is tenuous.
On the commercial side capitalization rates have continued their march downward from their peak several years ago as big investors continue to pour money into commercial real estate, seeking higher yields than they can get on safer investments such as Treasuries. After several years of sliding values and property tax appeals the Gwinnett County tax assessors are preparing to raise some values. There was a three-year moratorium on assessment increases in Georgia and that moratorium ended last year. The Gwinnett County Tax Assessors now see some commercial property types as being undervalued.
Gwinnett county property tax assessors are some of the best county assessors in the Atlanta metropolitan area when it comes to getting their property tax appeals through the system and settled. Generally speaking, and with the exception of court cases, Gwinnett County has thier property tax appeals settled in the same year that the values are issued. They also have an excellent website which allows you to return your property for taxation, appeal the assessed value, and accept proposed reductions all electronically. They are also one of the few metro-area counties that offer sales data for the market area that you are researching.
If you own real estate in Gwinnett County your property tax may rise in 2013. However, the process of appealing your property tax is not daunting. If you know how to analyze your value using comparable sales and look into equity to check the fairness of your tax assessment you are ahead of the game. If you would like someone else to do the research, legwork (and driving), and take time out of their workday to get this done for you contact Fair Assessments.
