Even with the changes in the property assessment and appeals process due to the passage of House Bill 202, many things about it remain the same. This includes the 40% assessment of fair market value of all taxable real property unless otherwise specified by law. This also includes the responsibilities of the Gwinnett County property tax authorities, such as the assessment of real property by the Board of Tax Assessors with the county’s tax digest examined by the State Revenue Commissioner to determine the uniform and equal assessments with other counties.
Even the classification of the taxable real property remained. In the following sections, you will be able to determine which of these types your real property falls under and, thus, initially determine whether you can file an appeal based on the grounds of taxability, uniformity, value, or denial of exemptions. Before jumping to conclusions you should consult with an experienced Gwinnett County property tax advisor about the best steps to take.
If the property being assessed is not your primary residence, then it may likely fall under one of these categories.
Historic Property
You cannot just declare real estate as a historic property as it has to be listed on either the National or Georgia Register of Historic Places to qualify for preferential assessment. The preferential assessment is also limited in the sense that it only extends to the structure (i.e., building) and the land on which it sits on but not more than two acres around it. The real property should also remain unchanged for 9 years after the preferential assessment has been granted.
Keep in mind, too, that the preferential assessment does not mean exemption from the payment of the applicable annual Gwinnett County property tax. Most of the usual rules and regulations on residential and commercial real property still apply, even the appeals process.
Special Assessment Programs
You can also look into special assessment programs. You have to consult with the tax authorities about changing the classification of your property, especially with the changes brought on by House Bill 202.
In case of preferential agricultural property, it will only be assessed at 75% of the usual assessment on other types of property. This means that its assessed value will only be 30% of the fair market value, not the usual 40%, but it must be used as an agricultural property for a 10-year period. Otherwise, its preferential assessment will be revoked.
The 10-year restriction on current use also applies to the conservation use property, which can be assessed not at its fair market value but at its current use value. Environmentally sensitive property also similar restrictions – 10-year use and maintained in its natural condition for the period – with its value also assessed at its current use value.
You can ask the Gwinnett County property tax authorities about the restrictions on use about forest land property, brownfield property, and residential transitional property, if and when you have these types. Your questions today will yield answers that can be beneficial to your finances tomorrow, so to speak, particularly in lower property taxes.
