According to the laws of the State of Georgia, the Gwinnett County property tax authorities also have the responsibility of conducting preferential assessments on certain types of real property. You can check with the tax assessors whether your real property qualifies for the special assessments but here are the things that you must know.
Listed on the Register
Not all real property can be considered for preferential assessment since only historic property that qualifies for listing either in the National Register of Historic Places or the Georgia Register of Historic Places may qualify for it. Furthermore, the preferential assessment itself has limitations – only the real property on which the structure (i.e., building, home, or monument) itself is located, the structure itself, and not more than 2 acres around the structure can be qualified.
Even the period in which the preferential tax treatment can be applied has its limitation – just nine years. During the 9-nine year period, the Gwinnett County property tax will assess the historic property at the greater of either the acquisition price or the assessment at the time of its certification. The certification must be granted by the Department of Natural Resources either as a landmark historic property or as rehabilitated historic property.
Different Treatments
In the case of rehabilitated historic property, the tax authorities will consider it for preferential assessment under another condition –the fair market value of its structure has increased by a certain percentage. The increase in percentage depends on the type of property such that for an owner-occupied residential property, the increase in fair market value should not be less than 50% while for an income-producing real property, it should not be less than 100%. For real property used primarily as a residence but with income production uses, the fair market value should have increased by not less than 75%.
For a landmark historic property, the preferential treatment can be extended when it has been certified by the local government, such as by the Gwinnett County property tax authorities.
Other Special Assessments
But when your property does not qualify for the abovementioned preferential assessments, you can look into other available special assessment programs. Just remember that you have to be in the program for a 10-year period to enjoy its privileges.
First, the preferential agricultural property program wherein the property will be assessed at 30% of its appraised value. It must be noted that for all other types of real property, the Gwinnett County property tax assessors apply the statutory 40% on the appraised value.
Second, the conservation use property for agriculture program involves the assessment of the property at its current use value instead of its fair market value. This can result in lower assessments and, thus, lower property taxes.
The program also applies to other real property maintained in its natural condition, according to the criteria set by the Department of Natural Resources. These include wetlands and forestland.
There are several ways to get lower property taxes. You just have to work with experienced Gwinnett County property tax consultants so that all possible legal avenues can be explored. You will be surprised at just how low your property tax can get without defrauding the local government.
