Property taxes come around every year. They’re based on the county government’s assessment of your property’ value, multiplied by the local tax rate. Given the fact that property taxes are an annual expense for home and business owners, you’d think that there was a higher than likely chance that the amount being assessed would be accurate. Unfortunately, that’s not always the case. Too many homeowners are overpaying on their Cobb County tax burdens. Thankfully, there are ways around this. What do you need to know as a Cobb homeowner or business owner?

Property tax is inevitable – if you own a home or a business, you will have to pay taxes to the county in which you’re located. For Cobb County residents, that means you’ll be dealing with the Cobb County tax assessor. Once per year, you’ll receive a notification of what you owe in taxes by mail. That notification can come as something of a shock given the rising rate of property taxes in Georgia (and the still low values of properties). There’s good news, though. Your assessment might actually be inaccurate. If it is, you can have your property taxes reduced. How do you go about doing that?

Every year end brings a close to previous plans and ambitions. A new year brings forth new prospects in nearly all affairs. The same approach extends to the taxation field. A new year brings the realization of an overview of the same. Cobb County uses taxes to finance their operations similar to other states and countries. Taxation systems involve different forms and approaches from corporate tax to personal income tax. One form of taxation in all Georgia counties is the property tax. This form of tax has often led to contention based on tax assessment value. Often the revaluation of tax assessments lead to higher levels of taxation.

Property owners and titleholders find it challenging to meet these higher tax burdens. Aggrieved individuals could correct this scenario through a property tax appeal. To understand how property taxes are generated it is proper to look at the system. The process commences when the board of tax assessors, a supposedly independent body, review and establish a fair value for all taxable property in the county. The board of tax assesors is formed and delegated duties through the county commissioners. The beginning of every New Year, January 1, is the property valuation date in Georgia. Property owners fill forms that determine exemption or tax subjection. It is important to note that taxable values conform to the state laws.

The Cobb County Tax Assessor office is being thrown under the bus by some people that are upset by property tax abatements. The issue that is front and center is a planned mixed use development near the proposed Braves stadium in the Cumberland area. It is interesting that the proposed abatement for the mixed use development has only become "big news" since the announcement of the Braves move to Cobb County. 

The development, known as Riverwalk, is in close proximity to the proposed Braves stadium. As many Cobb County residents were already upset about bankrolling the new stadium with public funds, it isn't surprising that the Riverwalk tax abatement was dragged out front and center. As reported in the Smyrna-Vinings Patch the Development Authority of Cobb County approved a letter of intent to issue $103 million in bonds for the development on September 17, 2013. The Braves deal was announced on November 11, 2013. 

In accordance with Georgia Law (OCGA 48-5-264.1), the chief appraiser, other members of the county property appraisal staff, and members of the county board of tax assessors may go upon property outside of buildings, posted or otherwise, in order to carry out the duty of updating property records to facilitate the estimating of the fair market values of taxable property in the county.

The Cobb County apartment market has been on fire in recent years due to the high number of foreclosures and families losing their homes. Despite attractive interest rates, home buyers remain on the sidelines due to stringent mortgage underwriting. It has really been the perfect storm for apartment communities. Now that the great recession is supposedly behind us and the Georgia tax assessors are able to increase values, you can expect apartments to be in the crosshairs of the Cobb County tax assessor.

In the fourth quarter of 2012 Real Estate Research Corporation shows that apartment properties in the Atlanta Metro area have an average going-in capitalization rate of 6.4%. This is the lowest capitalization rate that they reported for any commercial property class in the Atlanta area. This cap rate is for first tier investment properties, which are defined as new or newer quality construction in prime to good locations.