it is great for your pocketbook, your taxes will be less. assessed value is a percentage of market value, it is not always based on 100% market value. hope this helps

Brian -
The assessed value of your home is based on a percentage of the homes value - according to the city/county - not neccesarily the appraisal that your lender did when you bought the home.

In Georgia, your property tax is calculated on 40% of the "value" of the home.
Here's a good link for that one...
http://www.millagerate.com/blog/?p=31


Here's a link with other ways to keep your taxes low in Gwinnett:
https://ssl.gwinnetttaxcommissioner.com/Property/information…

Hope this helps!!

Lee

Brian,

That's what you want! In fact, the lower the better! Your taxes are calculated on the assessed value, not your property's actual worth.

When it comes time to sell, consult a Realtor and they will update you on your home's market value. For now, keep the assessed value "under your hat". You don't want a jealous neighbor to be tempted to turn you in!

Relax, and enjoy your home!

Bob Engert
RE/MAX Greater Atlanta
770-592-3218
Bob@BobEngert.com

Brian,

This is not bad! Unless you want to pay more taxes... and who wants to do that!

This is normal to see even in a good market. So if you are thinking your home has depreciated since you bought it the tax assesment is not the resource to confide in.

Get a local realtor or appraisal company to do that homework for you.

Many communities assess taxes below the market value, many at about 80%. However, either way, the tax assessment only determines your taxable value, not your market value if you wanted to sell your home. If you want to know the current market value of your home, consult your Realtor for a comparative market analysis of recent sales in your area that will give you a general idea about the value, or if you prefer an exact accurate price, hire an appraiser to establish the current market value.