Fulton County Property Taxes

[red92s]

Originally Posted by Forhall

Yes, but the cap is low and the values are reset to 2016, which was when Fulton had been not keeping up with assessments and most were undervalued. The result means there will be people in million dollar homes paying half or less the property tax of someone in a 500k home next door just because they bought their house before 2016 and the base property tax is frozen from 2016. Could also make people be unwilling to move within the city as they don't want to reset their cap. Further, Atlanta is DeKalb and Fulton. DeKalb has no such cap. If Atlanta raises millage rates to compensate for lower frozen assessments in Fulton, DeKalb residents will be paying through the nose.

I *think* it applies to Dekalb as well. At least the language on the ballot never mentioned counties by name. The way it read made it sound like it could/would apply to either county inside the city limits. The bill itself does not mention either county by name.

Do you approve a new homestead exemption in a municipal corporation that is located in more than one county, that levies a sales tax for the purposes of a metropolitan area system of public transportation, and that has within its boundaries an independent school system, from ad valorem taxes for municipal purposes in the amount of the difference between the current year assessed value of a home and the adjusted base year value, provided that the lowest base year value will be adjusted yearly by 2.6 percent?”

[ronricks]

Fulton lowered property taxes 3% for this tax year.



Yes the new policy could make it less likely for people to sell which could potentially cause problems

[markjames68]

Originally Posted by ronricks

Fulton lowered property taxes 3% for this tax year.



Yes the new policy could make it less likely for people to sell which could potentially cause problems

If people are refusing to sell they must have other reasons than a few hundred in property tax savings? They could move to Forsyth or other surrounding counties and save a lot more.

[LynnHarris1]

City of Atlanta closer to setting property tax rate

Fulton County officials last week blamed the city officials for not setting its millage rate, which determines how much property owners pay in taxes, and feared that tax bill due dates might not be until December or January as a result. That would have caused serious ripples in budgets for the county, cities and school districts..."

https://www.ajc.com/news/atlanta-new...ELU6KIZ7J237I/

SOURCE: AJC

[LynnHarris1]

Fulton County homeowners complain of massive tax assessment increase

ATLANTA — Homeowners across Fulton County have been receiving tax assessments in the mail in recent days and some are getting an unwelcome surprise -- a big increase..."

FULL STORY/VIDEO: https://www.wsbtv.com/news/local/atl...J7JVO6VC67TA4/

SOURCE: WSB-TV

[Atlwarrior]

Originally Posted by LynnHarris1

Fulton County homeowners complain of massive tax assessment increase

ATLANTA — Homeowners across Fulton County have been receiving tax assessments in the mail in recent days and some are getting an unwelcome surprise -- a big increase..."

FULL STORY/VIDEO: https://www.wsbtv.com/news/local/atl...J7JVO6VC67TA4/

SOURCE: WSB-TV

Unfortunately, if you want the Equity increase it comes with a price.

[seussie]

I agree but a jump from $625 to $1 mil in a year in outrageous for most sensibilities. Price can be inflated. Fulton might likely put another stop on tax increases seeing as how it's doubling/tripling people across nearly all home values.

[bellhead]

Originally Posted by seussie

I agree but a jump from $625 to $1 mil in a year in outrageous for most sensibilities. Price can be inflated. Fulton might likely put another stop on tax increases seeing as how it's doubling/tripling people across nearly all home values.

$625k to $1 million is a big jump, but North Fulton has seen around a %30 increase since year in property values. It's a double edged sword, we love the equity in our houses but hate the property tax increase with it. I listened to a realtor podcast by sherry & co yesterday, North Fulton "Milton", is seeing bidding wars on $1 million homes.


https://www.youtube.com/watch?v=739mvriM1lc

We are going to need a law like California has which limits property tax increases to a certain % each year.

[seussie]

Originally Posted by bellhead

$625k to $1 million is a big jump, but North Fulton has seen around a %30 increase since year in property values. It's a double edged sword, we love the equity in our houses but hate the property tax increase with it. I listened to a realtor podcast by sherry & co yesterday, North Fulton "Milton", is seeing bidding wars on $1 million homes.


https://www.youtube.com/watch?v=739mvriM1lc

We are going to need a law like California has which limits property tax increases to a certain % each year.

But I wonder, do these bidding wars in a place like Milton happen over un-renovated homes or homes that haven't been recently renovated? Or are Milton homes mostly new?

I got the sense from the man with the $625 to $1mil Fulton county assessed home hadn't done renovations that most people would do for higher appraisals or selling. See below.

Here over in the little corner of southwest Atlanta, our home definitely doubled and it ain't renovated at all. Can't sell it at all for that!

“First you’re hurt ‚then you say maybe your house is really worth that much. Then you look around and you’re like there’s no way you can possibly sell that,” Naszcyniec said. “You think it’s worth that and you are willing to pony it up, you can have it.”