In Cobb County, Georgia, property reassessments are conducted to ensure that property values reflect current market conditions. This process, mandated by Georgia law, requires that properties be assessed at their fair market value (FMV) as of January 1 each year.
Why Cobb County Reassesses Properties:
-
Reflecting Market Changes: Reassessments align property values with the current real estate market. Areas experiencing significant changes in home sale prices may see corresponding adjustments in assessed values.
-
Maintaining Uniformity: The goal is to ensure equitable valuation across similar properties, accounting for varying market dynamics in different neighborhoods.
-
Legal Compliance: Georgia law mandates annual assessments at FMV, necessitating these periodic updates .
What Cobb County Property Owners Can Expect During a Reassessment:
-
Notice of Current Assessment: Property owners receive a Notice of Current Assessment by mail, typically in the spring. This notice details the new FMV determined by the Board of Tax Assessors.
-
Potential for Value Changes: Assessed values may increase or decrease based on market trends in specific neighborhoods.
-
Understanding the New Value: The assessed value, which is 40% of the FMV for residential property in Georgia, serves as the basis for property taxes, after applicable homestead exemptions .
-
Estimated Tax Bill: The notice may include an estimate of the property tax bill based on the new assessed value and the previous year's millage rates. Actual tax bills can vary if millage rates are adjusted by taxing authorities.
-
Right to Appeal: If you disagree with the new FMV, you have the right to appeal. The appeal deadline is typically 45 days from the date of the notice and will be clearly stated on the notice .
Impact on Cobb County Property Owners:
-
Potential for Higher Taxes: An increase in assessed value generally leads to a higher property tax bill, even if millage rates remain constant.
-
Potential for Lower Taxes: Conversely, a decrease in assessed value could result in a lower property tax bill.
-
Importance of Comparable Sales Research: Reviewing recent sales of comparable properties in your neighborhood can help determine if the new valuation aligns with the local market. The Cobb County Tax Assessor's website is a valuable resource for this information.
-
Understanding Appeal Rights: If you believe your property has been over-assessed, familiarize yourself with the appeal process and gather supporting documentation, such as comparable sales data and property condition photos.
-
Impact on Homestead Exemptions: Homestead exemptions are applied after the assessed value is determined. A reassessment affects the value to which your exemption is applied. Significant increases in assessed value might reduce the percentage offset by fixed exemptions. However, Cobb County's floating homestead exemption aims to mitigate increases for certain tax categories.
Resources:
