Nobody likes the idea of paying more taxes than is fair, but too often, people are unwittingly paying high property taxes. They may not realize that they have been paying too much for their taxes, and they may not have realized that there are steps they can – and should – take to make sure they are being fairly charged.
First, Read the Letter from the County
You should always take the time to read your letters from the Fulton County property tax assessor’s office thoroughly. These letters will provide you with a wealth of information. They will let you know what the government believes the value of your property is, and the letter will have information about your property.
It is highly important that you take the time to truly read and understand this letter. It gives you insight into how they valued the property. You will find that different types of property will have different methods through which they are valued. A residential property is valued much differently than a commercial property when it comes to tax purposes. It is a good idea to understand how they work.
What Type of Property Do You Have?
Whether you have a commercial property or a residential property, or both, you are going to be paying taxes on them. It’s the nature of the world in which we live. However, the way the value for those properties is calculated will be very different, so the Fulton County property tax rate for a residential property will be different from a commercial property.
With a commercial property, the government is interested in taxing you based on how much income the property can offer. As you can imagine, this can fluctuate based on many factors, and for that reason, the tax assessment is not always correct. When it comes to residential properties, things are different. They are going to base the value on the location of the property, the condition and size of the property, and the number of rooms that it has. They will also consider the overall market value. When the market value decreases, the taxes should go down, as well, but that doesn’t always get reflected in the property tax assessment.
Are You Really Being Charged Too Much?
While everyone thinks that they are probably paying too much in taxes, before you challenge the Fulton County tax assessor, it is important to make sure that you are correct. This requires looking at comparable properties in the area for a residential property, for example. You want to see what other properties that are very similar to your own sold for during the time of the county’s tax assessment.
It is very important that you consider the timing of the county’s assessment when you are looking at the comps. They need to be from the same time period, or else your results are not going to be accepted by the county as evidence. For example, if they conducted their assessment in March of the previous year, and you are looking at the current comps, your results won’t match. This information should be on your assessment letter.
It can be difficult to understand whether it is worth it to challenge the tax assessor, but it can become much easier when you are working with a professional who has the knowledge, skills, and experience needed. They should have experience with properties like yours, and experience with your area. If they also have experience working in an assessor’s office, that’s even better. It gives them a better idea of how the county offices tend to approach valuations, reviews, and appeals.
The property tax consultants can also help you make sure it is in your best interest to go through with the review or appeal. They will help you with all of the paperwork you need to provide and make sure that you do so by the correct deadlines. Ultimately, they can make the task of getting your property taxes reduced much easier.
Why Is It Important to Challenge Your Taxes If They Are Incorrect?
Some people might still believe that it is not worth their time to challenge the taxes. They may not see it as making much of a difference. However, take a moment to think about just how much money you could potentially save. If an appeal could change the value of your home by just 25%, that would mean you are paying on 25% less of your property. This can mean some great savings now and into the future.
In addition, it helps to make sure that the counties are kept accountable for any errors that they make. You have the right to appeal your property taxes when they are unfair, and many feel that it is not just a right, but also a responsibility.
What If the Property Tax Is Not High Enough?
Of course, there is always the chance that the tax valuation for the property instead values the property too low. While this might seem like a boon for many, as it can mean lower taxes, it can also cause some problems. For example, imagine that you are going to be getting ready to sell your home in the following year, and the value of your home is lower than what you feel it is truly worth.
When those prospective buyers are looking at your property, you can be sure they are going to be examining this valuation. They are going to attempt to use that to bargain for the property because even the government says it is worth X where you are saying it is worth Y. This has the potential to reduce the amount of money you could get for your property.
Therefore, when the assessment is too low, and you are getting ready to sell, you might want to see if you can have it reassessed at a higher value. Again, you will want to work with the professionals to help with this.
