Fulton County Property Tax (condo, assessors, house)

[Archan]

I was wondering if someone can help with a simple question. What is the difference between the Fair Market Value and the Assessed Value?

The Fair Market Value they have given to my condo is above the current price I could sell it for. Thanks!

[neil0311]

The web is your friend.... https://etax.dor.ga.gov/PTD/adm/taxg...ssessment.aspx

"How is Property Assessed?

The intent and purpose of the laws of this state are to have all property and subjects of taxation returned at the value which would be realized from the cash sale, but not the forced sale, of the property and subjects as such property and subjects are usually sold except as otherwise provided in this chapter. (O.C.G.A. 48-5-1)

Assessed Values

In Georgia property is required to be assessed at 40% of the fair market value unless otherwise specified by law. (O.C.G.A. 48-5-7)

Property is assessed at the county level by the Board of Tax Assessors. The State Revenue Commissioner is responsible for examining the digests of counties in Georgia in order to determine that property is assessed uniformly and equally between and within the counties. (O.C.G.A. 48-5-340)

The tax bills received by property owners from the counties will include both the fair market value and the assessed value of the property. Fair market value means "the amount a knowledgeable buyer would pay for the property and a willing seller would accept for the property at an arm's length, bona fide sale." (O.C.G.A. 48-5-2)

Property owners that do not agree with the assessed value on their proposed assessment can file an appeal with the county board of equalization. (O.C.G.A. 48-5-311) "

[Archan]

Originally Posted by neil0311

The web is your friend.... https://etax.dor.ga.gov/PTD/adm/taxg...ssessment.aspx

"How is Property Assessed?

The intent and purpose of the laws of this state are to have all property and subjects of taxation returned at the value which would be realized from the cash sale, but not the forced sale, of the property and subjects as such property and subjects are usually sold except as otherwise provided in this chapter. (O.C.G.A. 48-5-1)

Assessed Values

In Georgia property is required to be assessed at 40% of the fair market value unless otherwise specified by law. (O.C.G.A. 48-5-7)

Property is assessed at the county level by the Board of Tax Assessors. The State Revenue Commissioner is responsible for examining the digests of counties in Georgia in order to determine that property is assessed uniformly and equally between and within the counties. (O.C.G.A. 48-5-340)

The tax bills received by property owners from the counties will include both the fair market value and the assessed value of the property. Fair market value means "the amount a knowledgeable buyer would pay for the property and a willing seller would accept for the property at an arm's length, bona fide sale." (O.C.G.A. 48-5-2)

Property owners that do not agree with the assessed value on their proposed assessment can file an appeal with the county board of equalization. (O.C.G.A. 48-5-311) "

Thanks!

[pinetreelover]

Remember though that tax assessments - fair market value... are for the year that the tax bill is for. What I'm trying to say is that the tax assessment is for the year prior to right now. So, if your neighborhood has lost value in the past year (as many have...) your fair market value will not be representative of what you could sell the house or condo for right now, but what they thought it was valued at for that tax period.

[Archan]

Originally Posted by pinetreelover

Remember though that tax assessments - fair market value... are for the year that the tax bill is for. What I'm trying to say is that the tax assessment is for the year prior to right now. So, if your neighborhood has lost value in the past year (as many have...) your fair market value will not be representative of what you could sell the house or condo for right now, but what they thought it was valued at for that tax period.

Thanks. Hopefully they will drop my fair market value, because mine has dropped like a rock.

[noah]

I wouldn't hold your breathe. Mine too has dropped big time but no change in the tax assessment, actually my taxes went up because of the huge increase in city taxes. From what I've heard they don't even give you a fair chance at appeal, even if it seems like a slam dunk. And in my case they assessed my value tens of thousands of dollars over what I paid for it in 2007, it doesn't make sense. Of course if they redid everyone's then the tax would have to go up to compensate.

Originally Posted by Archan

Thanks. Hopefully they will drop my fair market value, because mine has dropped like a rock.