While specific details of all recent changes in Cobb County property tax laws would require a comprehensive legal review, here are some key developments and areas you should be aware of:
1. Opting Out of the New State-Wide Floating Homestead Exemption (HB 581):
- What happened: In 2024, the Georgia General Assembly passed House Bill 581, which established a state-wide "floating" homestead exemption. This law, enabled by a voter referendum in November 2024, would have capped property tax rate increases based on an inflation rate set by the Georgia Department of Revenue.
- Cobb County's Response: The Cobb County Board of Commissioners, along with the City of Marietta and Marietta City Schools, declared their intent and ultimately voted to opt out of this new state law.
- Reasoning: Cobb County stated that their existing floating homestead exemption provides a greater benefit to taxpayers than the new state law. Cobb's current system essentially freezes the taxable value for homeowners as long as they own and occupy the home.
- Impact: For property owners in unincorporated Cobb County and the City of Marietta, the existing Cobb County floating homestead exemption rules will remain in effect, rather than the new state-wide system. It's important to understand the specifics of Cobb's current floating exemption to see how it applies to your property.
2. Cobb County Tax Digest Growth for 2025:
- Cooling Real Estate Market: Recent reports indicate that the once very active real estate market in Cobb County is cooling down.
- Modest Tax Digest Increase: As a result of this cooling market, the Cobb County Board of Tax Assessors has predicted a more modest increase (around 2%) in the 2025 tax digest compared to previous years.
- Impact on Reassessments: This suggests that significantly fewer homeowners in Cobb County will see their property values reassessed in 2025, and the average increase in valuations is expected to be lower than in recent years.
3. Homestead Exemption Application Deadline:
- It's a recurring point, but always crucial: the deadline to apply for homestead exemptions for the 2025 tax year is April 1st, 2025. If you purchased and occupied a property as your primary residence in Cobb County before January 1, 2025, and haven't yet applied, you likely missed this year's deadline. You can still apply for the 2026 tax year.
4. Changes to Personal Property Tax Reporting (Business):
- For businesses in Cobb County, be aware that the Composite Conversion Factors on Schedule A of the Business Personal Property Tax Return have changed for 2025. If you own a business, ensure you are using the updated forms and factors when filing your return.
Key Things to Keep in Mind:
- Check Official Sources: Always refer to the official Cobb County Board of Tax Assessors website (https://cobbassessor.org/) and the Cobb County Tax Commissioner's website (https://www.cobbtax.org/) for the most accurate and up-to-date information.
- Understand Your Homestead Exemption: If you have a homestead exemption in Cobb County, understand how it works, especially the floating exemption for the county general fund.
- Review Your Assessment Notice: When you receive your annual Notice of Assessment (typically in late April or early May), carefully review the valuation and understand your appeal rights and deadlines.
- Market Conditions Matter: Keep an eye on the real estate market trends in your specific Cobb County neighborhood, as these directly influence property valuations.
While these are some key recent developments, the specifics of property tax law can be complex. If you have any specific questions or concerns about how these changes might affect your property taxes in Cobb County, it's always best to consult directly with the Cobb County Tax Assessor's Office or a qualified property tax professional in the area.
