The Gwinnett County Tax Assessors Office is responsible for the conduct of an annual market value analysis on all the taxable real property within its jurisdiction. The analysis becomes the basis for the annual assessment notices sent out to concerned owners of both residential and commercial properties. The analysis is performed according to Georgia state law, specifically rules and regulations set out by the Georgia Department of Revenue for the purpose of providing for fair assessments for taxpayers, while also providing the government with tax revenue.
Changes in Values
The market value analysis procedures usually involve research into the neighborhood, property use, and property type includinggroupings or classifications. When the Gwinnett County Tax Assessors Office gathers sufficient information and identifies differences between the appraised values and the fair market values, then updates are made across the groupings or classifications, say, by neighborhood, use, and type.
Why the emphasis on the market value analysis? It’s simple: The market value analysis and the changes made on the appraised values of the groupings will affect your property’s appraised and assessed values. Keep in mind that the assessed value is 40% of the appraised value, and the lower the assessed value, the lower your property tax bill will be.
You will observe a general trend by looking at the annual notices of assessment you have received through the years. You should be aware then of the general changes happening in your neighborhood in terms of their possible impact on your property values.
Changes Reflected in the Notice
You should receive an Annual Notice of Assessment from the Gwinnett County Tax Assessors Office, which will usually be mailed several months before the tax payment deadline. You must make it a habit to check your mailbox for the notice since you only have 45 days to appeal the appraisal and assessed values of your property. You cannot appeal your tax bill, just your annual property value assessment shown on the aforementioned notice.
The changes based on the market value analysis that affect your property’s appraised and assessed values will be reflected on the Annual Notice of Assessment. The notice contains information about the fair market value, assessed value, and annual property tax estimate for your property, the values of which have been calculated by the Board of Tax Assessor’s appraisal staff.
The annual property tax bill, which is sent by the Tax Commissioner, will be based on the assessed value of the property unless it is adjusted for an appeal. It must be emphasized that the Gwinnett County Tax Assessors Office is a different and distinct government organization from the Tax Commissioners Office.
Do you have objections about the values reflected on your Annual Notice of Assessment? The appeals period expires 45 days from the date reflected on the notice, thus, emphasizing the need for urgent and appropriate action. Ask the Gwinnett County Tax Assessors Office or Fair Assessments about it now!
