Many property owners are complaining about the increase in their Fulton County property tax assessments, especially as these appear to be significant in comparison to last year’s annual notice of assessment. Such increases may or may not have valid reasons but as a property owner and taxpayer, you have the right and responsibility to know the reasons behind them. You may just find that the increase in your Fulton county residential and commercial property’s assessments is erroneous and, thus, these can be challenged in the proper venues.
Based on Sales and Market Activity
Even when there are no physical improvements in your property, you may still see an increase in the current year’s annual notice of assessment. This is because the Office of the Tax Assessor and its staff appraisers use sales and market activity in the area as one of the basis for property valuation updates. These updates are conducted to account for the rapid changes in the areas being covered by the updates.
Thus, when the residential and/or commercial property around your own property has increased in value for any reason deemed valid by the assessors and appraisers, your property will also be affected. You will see an increase on your next Fulton County property tax assessment for the applicable year.
You can, fortunately, appeal the increase in your annual notice based on a few valid grounds including uniformity, value and taxability, as well as denial of exemptions. Your tax advisor should be able to provide effective suggestions about the grounds for appeal as well as the documents necessary to win it.
Based on the Law
Your property’s appraisal may also have increased based on the law’s provision instead of a nearly-arbitrary determination. You and your Fulton tax consultant should also be able to discuss in depth the ways that the law can be made to work in your favor.
First, the law requires that all new constructions, renovations, and improvements on a residential and commercial property should be assessed at a higher value. These include building a new structure, such as a residential or commercial building, in-ground and above-ground pools, and hardscapes, among others. You can expect our property assessment to increase and, thus, your tax bill to increase, too.
Second, the law requires that the Board of Assessors value property at its “fair market value” – or the amount of money that can be exchanged between a seller and buyer in an arms’ length transaction. Aside from the fair market value, the property’s assessment can increase because the county paid for additional taxes, penalties and surcharges to the state, as is the case when the property valuations fall below their fair market values. For this reason, the county regularly adjusts property appraisals, thus, the increase in your property assessment.
You may not be adding new construction or making new improvements in your property but the Fulton County property tax authorities will still increase its assessment from one year to the next. You shouldn’t despair as you can always file an appeal to contest the increase, especially when it’s unwarranted, so to speak. For assistance with property tax appeal, contact Fair Assessments, LLC now!