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Old 09-04-2019, 02:12 PM
 
66 posts, read 47,265 times
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My Fulton County/City of Atlanta tax bill uses an assessed value based on the current year's fair market value. I have a homestead exemption, so, per the new statutes, shouldn't the assessed value be based on the lowest fair market value from the 2016, 2017, or 2018 tax year? Am I missing something? Thanks!
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Old 09-04-2019, 08:37 PM
 
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Quote:
Originally Posted by K1404 View Post
My Fulton County/City of Atlanta tax bill uses an assessed value based on the current year's fair market value. I have a homestead exemption, so, per the new statutes, shouldn't the assessed value be based on the lowest fair market value from the 2016, 2017, or 2018 tax year? Am I missing something? Thanks!
As homestead exemption takes the assessed value, based on the current fair market value, then subtracts an amount from that before calculating the tax.
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Old 09-04-2019, 08:50 PM
 
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Originally Posted by samiwas1 View Post
As homestead exemption takes the assessed value, based on the current fair market value, then subtracts an amount from that before calculating the tax.
I was expecting the assessed value on the bills to reflect the lowest fair market value from 2016, 2017, or 2018 but now realize a commensurate change was made to the size of the homestead exemption.
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Old 09-04-2019, 09:12 PM
 
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To get this straight, the new law is allowing people to go back to their assessed value circa 2016 (when Fulton admitted they had severely underassessed homes) going forward? Wouldn't there be some homes massively underpaying taxes compared to their neighbors?
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Old 09-05-2019, 06:04 AM
 
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Quote:
Originally Posted by K1404 View Post
I was expecting the assessed value on the bills to reflect the lowest fair market value from 2016, 2017, or 2018 but now realize a commensurate change was made to the size of the homestead exemption.
Right. They will continue to assess homes every year, and the assessed number may continue to go up annually by whatever their analysis suggests is appropriate. The homestead exemption should go up to bring the total amount due back to par + 2.6% max annually.
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Old 09-05-2019, 08:10 AM
 
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Originally Posted by Forhall View Post
To get this straight, the new law is allowing people to go back to their assessed value circa 2016 (when Fulton admitted they had severely underassessed homes) going forward? Wouldn't there be some homes massively underpaying taxes compared to their neighbors?
That seems like a really stupid law if true. Why on earth should someone be able to freeze their taxes based on a value from years ago?
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Old 09-05-2019, 09:17 AM
 
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Originally Posted by samiwas1 View Post
That seems like a really stupid law if true. Why on earth should someone be able to freeze their taxes based on a value from years ago?
It's not actually frozen. It can still go up, but the annual percentage is capped. It can also get reset after a sale.
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Old 09-05-2019, 10:29 AM
 
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I'm certain all assessors are now using a computer program AI which takes recent sales & calculates in real time, the amount each property is going up real time. This is extremely valuable to elected officials in forecasting budgets going forward for the future. Gone are the days where you escape a tax assessors yearly increase due to lack of manpower.
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Old 09-05-2019, 10:42 AM
 
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Originally Posted by red92s View Post
It's not actually frozen. It can still go up, but the annual percentage is capped. It can also get reset after a sale.
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.
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Old Yesterday, 06:14 AM
fzx
 
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Quote:
Originally Posted by Forhall View Post
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.
nice comment on the mileage point.

The budget is kinda balanced through a combo on mileage and assessment. If assessment goes up one year by 40%, does the county lowered the mileage accordingly? What will the county do with the extra money? Although the current situation is far from ideal, this provides visibility of rate increases that also helpful for budgeting.
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