The Fulton County tax assessor determines the fair market value of all real and personal properties in its jurisdiction for property tax purposes. Taxpayers are informed about the appraised value of their properties that, in turn, will be used to determine the assessed value. According to tax laws, the assessed value is equal to 40 percent of the appraised value.
Science and Art
It must be emphasized that property appraisal is both a science and an art. It is a science because definitive figures, formulas and computations are made in arriving at both the appraised and assessed values. It is an art since many of the factors used in the computation of both values are subjective in nature, such as curb appeal.
Nonetheless, the Fulton County tax assessor will 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 an appeal at the tax assessor’s office within 45 days after your receipt of said notice. We suggest getting the services of Fair Assessments in doing so, which can increase the success of your appeal.
Relevant Factors
The property appraisers consider several factors in arriving at the appraised value for your property. These factors include but are not limited to the following:
- Recent sales prices of similar properties in the area
- Cost of replacement for the property today
- Cost to operate the property including maintenance (i.e., repairs)
- Possible rental income for the property
- Home improvements including additions and landscaping
This is where the art and science aspects of the appraisal process comes in. Theseare also the methods that you can base your appeal of the annual assessment notice provided by the Fulton County tax assessor on your property.
Methods Applied
With the information gathered from the field visit on your property, the property appraisers may use one of three common methods in determining appraised value.
- Sales comparison approach
The property appraiser studies the sales of similar or comparable properties in the area in relation to your property, thus, arriving at tits appraised value. The factors involved include what properties have been sold and how their prices compare to their assessments, and how similar they are to your property.
- Cost approach
The Fulton County tax assessor or appraiser uses the cost of building an identical structure on your property based on current dollars. In case of your existing property, the appraised value will also be affected by its depreciation and the value of the land.
- Income approach
Property appraisers use the income approach when the property generates income, such as in residential and commercial properties for rent. Consideration will obviously be given to the maintenance and operating expenses including insurance, taxes, and utilities so as to arrive at a reasonable profit.
If possible, ask the Fulton County tax assessor about the factors that were considered in arriving at your annual tax assessment. You will then have better footing, so to speak, when making your appeal.
