6 Things to Know About Fulton County Property Tax

Do you know how your property taxes are assessed each year? This process is directly related to the value of your home, and yet so many homeowners pay property taxes that are too high for the home they own. At Fair Assessment LLC, it’s our mission to ensure that you are paying your fair share of Fulton County property tax. Here are three things to know about this complex system of taxation.

1. Property Taxes Are Calculated in Multiple Steps

One of the reasons that many homeowners don’t realize they are paying too much in Fulton County property tax is that the way that taxes for homes are assessed is very complicated. There are multiple steps in the process, and each county and jurisdictional area has its own unique ratios that they use to calculate this number. Jurisdictions can use separate jargon, separate formulas, separate ratios, and separate reporting time periods – even when a home falls into multiple jurisdictions. This means that you are often getting property tax documents that are not at all uniform and cohesive, which makes it impossible for you to know which numbers to pay attention to.

2. Not Paying Results in Big Fines

Not paying your property tax results in huge fines that could be dire for homeowners on a budget. If you intend to appeal your property taxes, you must do so within the given time frame – usually within 30 days of receiving the tax bill. If the property taxes aren’t paid in a timely manner, you could even lose your house. Foreclosure is something that can be done if property taxes aren’t paid, so it’s best to not put this issue off at all. There are ways to pay ahead of time over the year so that you never have to worry about this, or you can simply save throughout the year for this bill before it arrives. Whatever you do, be sure that you are ready for this expense every year to prevent any fines or worse fates – such as losing your house.

3. You Can Appeal Your Property Tax Rate

Many homeowners are not aware that they have the right to appeal the value that has been assessed for their home. This is one of the biggest numbers used to calculate property tax, and if the assessor was feeling generous about the value of your home that day, you could be paying much more than you need to. For example, many areas use local market values to determine how much a home would be worth on the market. But if your home is smaller, older, or less updated than your neighbors’, you could be paying the tax rate that is for their home’s value, not yours! If you suspect that your home is of a market value that is at least 10% lower (or more) than what was assessed for your property tax, you can get the tax bill reduced.

4. You Can Get Exemptions on Property Tax

There are ways to make your property tax lower if you have certain exemptions. Did you recently install some solar panels? Are you disabled, or a veteran? Are you a senior citizen? Is your house historic? There are many, many available exemptions for homeowners with properties in every county. If your elderly relative lives with you, if your home doubles as a day care, if you renovate your home, or for many other reasons, your home could get a break on your tax bill. In this case, even a home of high value could pay a lower tax bill.

Additionally, paying your property taxes can also be counted as an exemption on your annual income taxes, so don’t forget to keep that in mind. But this only works if you pay the property tax on time, so once again- don’t put this off.

5. There Are Several Ways to Pay Property Tax

You don’t necessarily have to have the cash on hand to pay your property taxes. You can pay with a credit card in some cases, which allows you to then pay off the entire bill over time in a way that works for you. You can also pay out of escrow, which is essentially an account you pay into every month to cover your estimated property tax bill the next year. Mortgage companies often arrange this for you if you ask them to, and it’s a great way to make the cost of a tax bill more manageable. You don’t even have to worry about paying the bill when it rolls around – the lender that you pay your escrow to will take care of it for you.

6. A Fulton County Property Tax Expert Can Help

Just because you have the right to appeal your tax bill does not mean it will be easy. Just as the tax assessment itself is very complicated, the process to appeal the assessment is also complicated. That is where a property tax expert like Fair Assessment LLC can help. We can take care of the minute details and work to get your tax bill reduced to the proper amount. We know how to navigate the ins and outs of the complex tax system, and you can focus on your life while we take care of this process for you. We can also help you find more deductions for your tax bill, lowering it even more after the appeal, and helping you save more of your money for your own needs. Finally, we can help you research local property taxes before you move to an area. You may find that living just a few minutes away in another county would be more affordable based on lower property tax rates.

If you would like to learn more about saving money on your Fulton County property tax, contact us at (404) 618-0355. We’re always ready to help you keep your money in your wallet where it belongs.