It’s almost tax season once again and it will be time for the federal and state governments to collect their fair share over the coming months. You may have questions about the Gwinnett tax assessment process and you may want to know the things that can be done if you feel that your tax assessment is wrong.
So your first question is how your property is assessed. Well, a series of property appraisals is done by the county to be able to calculate the property tax that you will need to pay. In order to assess the value of your property, a site visit will be conducted by the staffs of the Gwinnett county tax assessor. During these said visits, they will look for any kind of improvements or new constructions, which will raise the value of your property.
Aside from that, the Gwinnett tax assessor will assess your property’s value by comparing it to other similar properties in your neighborhood as well as in the general area. They will pay particular attention to homes that are similar to yours that have been sold recently. These said sales prices are also one great factor in determining how your property will be valued. They will also consider other market factors.
Annual Notices of Assessment
Most Commercial and Residential Notice of Assessments will be mailed on April 3, 2020. Be reminded though, that this Notice of Assessment is not a tax bill. Instead, it is a notice that informs you as the owner of the property of the current fair market value of your property as well as the assessed value (40 percent of the fair market value) of your property.
The tax bill of your property will be based on its assessed value, which can be adjusted if you file an appeal for your property. Tax bills are typically issued in August.
Is Your Property Assessed Correctly?
The process of arriving at a value for any property is highly subjective and there is really no formula for determining the market value. That is why it is important to check your notice of assessment to determine if your property is assessed correctly. One of the best ways to check is by examining recently sold properties in your neighborhood that are similar to your property. Also, check other similar homes in your area and see if they are assessed at a lower value.
If you think your property is not assessed correctly, then you should file an appeal. Filing a property tax appeal allows you to save a significant sum of money on your Gwinnett county property tax. Your property appeal rights extend for 45 days from the date on your Annual Notice of Assessment. So if you do not agree with the assessed value on your Notice of Assessment, you have 45 days to file an appeal.
For a hassle-free property tax appeal, let Fair Assessments, LLC do the work. Fair Assessments, LLC is a Georgia licensed appraiser with three decades property valuation, assessment and appeals experience.