The fair market values of all Fulton county real and personal properties are determined by the Fulton County tax assessors for property tax purposes. The Fulton County tax assessors use the best methods in mass property appraisal with the purpose of giving out fair assessments. But in case you have issues about the annual assessment notice for your property, you can file a property tax appeal within 45 days after your receipt of said notice.
Like all tax assessors across the State of Georgia, the Fulton County tax assessors use three traditional appraisal methodologies, namely, sales comparison approach, income approach, and cost approach. Of these three approaches, the cost approach has several variations, as discussed below.
Once you realize that you may have been paying more for your property taxes than you should be paying, you know that you need to have some help to reduce those taxes as soon as possible. After all, you will have a limited time to file your appeal with the Fulton County tax assessor. Let’s look at some of the ways that working with a property tax consultant can help, and what you should be looking for when you hire one to work with you.
Although it’s still a few months off, the time of year is coming around again when Fulton County tax assessors will be hitting the streets to value properties. Even though this happens each and every year, homeowners always have questions about the tax assessment process in Fulton County. Additionally, there are usually new homeowners in the area who may not be familiar with how things work in Fulton County. For that reason, we thought it would be a good idea to provide a bit of a refresher course about how things work there.
The Fulton County Board of Tax Assessors have, apparently, sent their 2014 property tax assessment notices. I say apparently because we had been hearing that the notices would be dated June 6, and mailed on June 6. However, a client in Marietta has received a 2014 tax assessment notice from the Fulton County Assessors today. Which means the notice was probably mailed yesterday, the 4th. The notice however, is dated TOMORROW June 6.
2013 was a strong year for the Atlanta warehouse market on most metrics. While you might be seeing this in the performance of your building, you aren't the only one. The Atlanta GA tax assessors track the market just like you and, when they see strong performance, they are more likely to raise property values. Higher property values mean higher tax bills from the Atlanta GA tax assessors for you to pay or for your tenants to have to cover through their CAMs.
When the Atlanta GA tax assessors determine the value of your office building for property tax purposes, their decisions are largely based on the specifics of your building and on the state of the market. Usually, their estimate of your property's value assumes that its value moves in the same direction as the greater Atlanta market. With this in mind, the key to managing your property assessment is to understand the broader market. That way, you can better gauge how your property's performance compares.
The Atlanta apartment market, much like the national market, capped off its strong 2012 performance with a strong 2013. Whether or not you are experiencing the growth in your property, the Atlanta GA tax assessor sees these numbers and will use them as a part of projecting what your property's tax value should be. If you're performing at-market, a small tax increase could simply track the increased vale of your building. However, if you aren't doing the same as your neighbors, the Atlanta GA tax assessors could end up overvaluing your building and leaving you with an unreasonably high tax bill. The first step in determining if this is the case is to compare your property to the market as a whole.
There are two types of property taxes in America, one is the tax on the value of your land and buildings, and the second is on accessories such as machinery, delivery vans, and business furniture, also called personal property. For owners and managers of commercially intensive properties such as office buildings, retail, hotels and shopping centers it is vital that you ensure the tax assessment on your property is not exaggerated at your expense.
Regular property assessments are the backbone of the property tax system in Fulton County and the rest of Georgia’s counties. The current system requires that Fulton County tax assessors value each home in the county over the course of several years to assess the home’s condition and value based on a variety of different factors. From that assessment, you will pay property taxes. However, are those Fulton County tax assessors responsible for creating accurate assessments actually creating inaccuracies?
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