How the Fulton County Tax Assessors Determine a Property’s Appraised Value

Posted by Daniel Jones on Mar 16, 2020 11:16:00 AM

The fair market values of all Fulton county real and personal properties are determined by the Fulton County tax assessors for property tax purposes.  The Fulton County tax assessors use the best methods in mass property appraisal with the purpose of giving out fair assessments.  But in case you have issues about the annual assessment notice for your property, you can file a property tax appeal within 45 days after your receipt of said notice.

Fulton County Tax Assessors

Science and Art

Property appraisal can be described both as a science and an art. It is a science because computations, formulas and definitive figures are used in arriving at both the appraised and assessed values. It is an art since many of the factors used in the computation of both values are subjective in nature, such as curb appeal. 

Significant Factors

Several factors are considered by the property appraisers in arriving at the appraised value for your property.  These factors include but are not limited to the following: home improvements including additions and landscaping; cost of replacement for the property today; cost to operate the property including maintenance; possible rental income for the property; and recent sales prices of similar properties in the area.

Methods Applied

There are three common methods used by the property appraisers in determining the appraised values.

The first method is the sales comparison approach. This means that sales of comparable or similar properties in your area are studied by the property appraisers in relation to your property. The factors involved include what properties have been sold and how their prices compare to their assessments, and how similar they are to your property.

The second method is the cost approach.  The Fulton County tax assessor or appraiser uses the cost of building an identical structure on your property based on current dollars.  In case of your existing property, the appraised value will also be affected by its depreciation and the value of the land. 

The third method is the income approach. When the property generates income, such as commercial or residential properties for rent, the property appraises use the income approach method. Consideration will obviously be given to the operating expenses and maintenance including utilities, taxes and insurance, to arrive at a reasonable profit. 

If possible, ask the Fulton County tax assessor about the factors that were considered in arriving at your annual tax assessment. You will then have better footing, so to speak, when making your appeal. We suggest getting the services of Fair Assessments, LLC in doing so, which can increase the success of your appeal. 

Topics: fulton county tax assessors

property tax appeals

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