Property Tax Assessment - massive decrease??? (Atlanta, Tucker: sales, real estate, foreclosures)

[plessthanpointohfive]

Hi Gang,

So, in the mail today I got my property tax appraisal from Dekalb County. I opened it figuring that it would either be the same or maybe a little uptick since property values in Candler Park seem to have remained stable.

But I got a shocker and I am not sure what to do, if anything.

So, we paid ~400K for the house in 2007. The 100% assessment on the house at the time was ~300K and it remained that way in the years since. Until this year. It's now assessed at ~140K.

WHAT?!?!?!?!

Now, I know the real estate appraised value is right around 400K. It real estate appraised value when we bought it was 450K, so it decreased 50K with the tanking economy. All in all, though, we've fared pretty well.

But I know appraisals for tax assessments are a different animal altogether. However, I am worried that this massive decrease in the tax assessment is a mistake that will bite us in the butt later. Also, I worry that the decrease in the assessment and decrease in taxes we will pay will bode poorly for the public schools, etc.

So, anyone else in Dekalb county get a decrease like that?

One thing that occurred to me is there may be a change in the way they assess property like mine, which may have caused this. My house is a legal duplex. When we got it appraised a year ago for the purposes of refinancing we were told all kinds of new housing rules were put into effect for property like this, causing increased fees for the appraisal, etc, and stricter rules for refinancing. I wonder if this caused the tax value of this type of home to decrease?


Any ideas?

[AnsleyPark]

Lord, you're lucky. I live in the city of Atlanta, and mine went up 20%!!!!! Having to appeal it, of course, but geez...

[plessthanpointohfive]

I'm in City of Atlanta, too. I am very confused...

[T-Ho]

We live in Dekalb County, just on the outskirts of City of Decatur and a bunch of us - so far, ourselves and at least a half-dozen neighbors we've spoken with - have had their houses decrease by 50-60% in value in the tax assessment that arrived in today's mail.

We thought it was a computer glitch, or perhaps a neighborhood in our same zip code had a bunch of foreclosures, but it seems very, very odd.

We'd love to see what other Dekalb residents are seeing in their assessments so we can address this concern properly. I, too, love the thought that I'm paying less, but I fear it will bite us later, either via insurance, trying to sell homes, or just appeal of the neighborhoods.

Anyone else have a surprise in their mailbox today?

[jematl]

We live in Smokerise (Tucker) in unincorporated Dekalb. Our 100% assessment only dropped 7.2 %. Count yourselves lucky

[plessthanpointohfive]

I think most of us don't see this as lucky. I'm worried it's a computer glitch they won't clear up until it gets expensive. Also, I'm worried that a HUGE decrease like this means no revenue for the county services that are important. And City of Atlanta services.

So, T-Ho, I am like you. I am Dekalb County but City of Atlanta. My assessment is a >50% decrease.

[lastminutemom]

We live in Dekalb and ours stayed exactly the same. I think, though, that if the house could sell, we could get right around the number or a little more. However, nothing is really selling so it is hard to know.

I am curious if you all have checked actual sales data (not asking prices) to see what the reality has been in your communities.

[lastminutemom]

Originally Posted by plessthanpointohfive

I think most of us don't see this as lucky. I'm worried it's a computer glitch they won't clear up until it gets expensive. Also, I'm worried that a HUGE decrease like this means no revenue for the county services that are important. And City of Atlanta services.

So, T-Ho, I am like you. I am Dekalb County but City of Atlanta. My assessment is a >50% decrease.

DeKalb taxes are going to go up because of the huge drop in the tax digest. This year, it should just be county taxes, next year I would bet it will be school taxes as well.

I would check with your neighbors. Perhaps there have been some huge foreclosure issues nearby?

[oakhurstlauren]

Originally Posted by lastminutemom

.
I would check with your neighbors. Perhaps there have been some huge foreclosure issues nearby?

Candler Park? Not likely.

Ours came today, exactly the same as last year. We're city of Decatur not Atlanta, but it's still a Dekalb assessment.

[heydt]

We live in Candler Park too and had a 60% reduction in appraised value, as did the only other neighbor I asked. These appraisals are not simply conservative--they are implausibly low. I'm very concerned as a citizen of the county and of the city of Atlanta. I didn't find any information on the county tax appraisal website that would seem to explain this. Does anyone know what might explain this? This would be a devastating blow to the county and city budgets.