New property owners will initially be at a loss about the annual notice of assessment issued by the Fulton County Tax Assessor for obvious reasons. The notice may even be filled with unfamiliar terms, such as appraised value, assessed value, and estimated tax, among others.
But don’t be daunted by these unfamiliar terms. You will eventually understand the significance of the terms and the notice, thus, providing you with the opportunity to become an active taxpayer. Here are a few things to know about property tax assessments and their related practices.
Tax Assessments Based on Two Factors
Of course, the Fulton County Tax Assessor has its own system of property valuation. But like most of the tax assessors in the State of Georgia and the United States, its property assessments for tax purposes are generally based on two factors, namely:
- The value of the land itself
- The value of structures affixed, constructed or growing on the land (e.g., extensions and crops)
A predetermined formula is used in the determination of the appraised value for each property although it must be emphasized that the subjective judgment of the county appraisers also comes into play. Keep in mind that the appraised values for your property will likely change from one year to the next because the Fulton County Tax Assessor will conduct annual property reassessments.
The property taxes are also affected by the category in which the taxpayer belongs. For example, senior citizens and disabled veterans enjoy certain exemptions on their property taxes.
Reductions in Taxes
Keep in mind that the tax assessor is only responsible for the appraisal and assessment of the property values as well as the issuance of the annual notice of assessments with information about the estimated property tax. The tax assessor is not responsible for issuing the tax bill and collecting the taxes due since these are the responsibilities of the tax commissioner.
But the Fulton County Tax Assessor plays a crucial role in reducing property taxes. It must be emphasized that once the tax bill is issued, it cannot be appealed – you have to pay the amount stated on the tax bill or else face sanctions including the payment of interest and penalties on the principal amount.
The best way to reduce your property taxes start at the receipt of your annual assessment notice – appeal the appraised and assessed values. Keep in mind that the property taxes should be based on the fair market value of your property but the value used by the tax assessor may be unreasonable due to the nature of the assessment process.
This can keep the appraised and assessed values up in a down market where the property values are rapidly tumbling. Conversely, in an up market where the property values are rapidly rising the tax assessors may be keep up with increasing values. You should appeal the appraised and assessed values, if and when your cost and benefit analysis warrants it.
Contact the Fulton County Tax Assessor when you have more questions about tax assessments. Contact Fair Assessments when you want assistance on your tax assessment appeal.
