Friday, April 25, 2003

Property values increase again

Last week, the Fulton County Board of Assessors sent out assessment notices to all residential and commercial property owners.

The county has 235,000 residential and 30,000 commercial properties. Most of the properties have an increase in value.

"This year, residential properties are averaging a six percent increase in value," said John Cunningham, Fulton County's chief appraiser. "However, based on current economic trends, we expect value increases to be much lower next year."

If property owners do not receive a notice by May 1, 2003 or have a question about their property's valuation, they should call 404-730-6440.

"In deciding whether to appeal their property's valuation, homeowners should ask this question: 'Can I sell my property for the value on the assessment notice?' If the answer is no, then an appeal should be considered," said Cunningham.

If a property owner wishes to file an appeal, it must be done in writing and delivered in person or mailed to the Board of Assessors. In either case, the appeal must be submitted within 45 days of the assessment notice date.

The appeal should be sent to the Fulton County Board of Assessors, Suite 98, Fulton County Government Center, 141 Street, S.W., Atlanta, Georgia 30303-3445. Additionally, the appeal should state the specific reason for challenging the new valuation.

The Board of Assessors establishes the value of all residential and commercial properties in the county. In Georgia, residential property taxes are based on 40 percent of the property's fair market value, less all applicable homestead exemptions.

Georgia law requires that all real and personal property be valued at fair market. The Georgia Department of Revenue annually reviews each county's tax digest, which is the appraised value of all real and personal property, to ensure county assessors are properly determining fair market valuations. If values are below market, the state fines the county government.

According to Cunningham, Fulton County has been catching up on property valuations in recent years. The state determined Fulton County's 2001 and 2002 tax digests were below fair market value and charged the county more than $2.5 million for those two years for under-assessing property.

"Our 2003 property assessments and tax digest should be right on target. I expect no fines this year," Cunningham said.