If the 2016 property tax increase is anything to go by, property owners and taxpayers in DeKalb County will likely be in for another sticker shock in their 2017 annual assessment notices. The county authorities, including the Board of Assessors, Board of Equalization, and Superior Court, may experience an increase in the number of appeals being filed.
This isn’t surprising as homeowners are increasingly becoming concerned about their high property taxes. Many of them are filing assessment appeals with the assistance of tax reduction consultants.
Increased Home Values
In DeKalb County, home values have been on the rise. But while it’s an indication of an improving economy, especially after the Great Recession, it’s a pain in the behind for property owners, especially for residential owners. After all, when your property tax bills increase by more than 50%, you have a financial problemon your hands.
For the 2016 tax year, residential property assessments increased by an estimated 7.8% according to DeKalb County’s tax digest figures. While 7.8% may initially seem like small increase, it isn’t when it comes to property taxes.
But this isn’t the first time in recent years that the residential property assessments increased from the previous year. DeKalb County residents have experienced a jump in their property values for the fourth straight year in 2016 in the wake of the 2008 Great Recession. In 2014, the assessments increased by 11% and by 17% in 2015.
Emphasis must be made that the taxable property values in the county peaked in 2008. Despite the recent increases in property values, however, the county hasn’t fully recovered its 2008 levels. In 2016, for example, the total taxable property value for all residential, commercial and industrial property is still 11% lower than the 2008 peak.
But it isn’t just the DeKalb County property owners that are complaining about a property tax increase from year to year. Residential real estate assessments in Fulton County and Gwinnett County have also increased, according to preliminary figures in the tax digest.
Mixed Blessings for Homeowners
For many property owners and taxpayers, nonetheless, the increase in residential property assessments is a mixed blessing. On one hand, property owners are happy that home values are on the rebound because it can mean higher resale values for them. On the other hand, taxpayers have to pay more for their home ownership benefits.
DeKalb County, after all, was one of the hardest-hit counties when the Great Recession hit the country. Foreclosures on homes have been rampant but the tides have turned now, as evidenced by the county experiencing the steepest increases in residential property values. Some homeowners have even reported that their home values have more than doubled in recent years!
Conclusion
If there’s anything good that came out of the sharp property tax increase from the rise in residential property assessments, it’s the increased awareness about the appeals process among taxpayers. Many, if not most, of the residential property owners believe that the increased home values are neither realistic nor fair and, thus, are considering filing an appeal. This is good news as undergoing the appeal process can increase the knowledge necessary to become a more responsible property owner.
