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Question on property taxes

Asked Thu May 22 2008, 11:59 by Matt Ward - 30308 - Home Buying - 6 answers

Chad answered:

I am not sure what the temporary assessment refers to? But, your property assessment will go up to the price that you paid for the property since you have established a new "market" value for the home. Often, this happens the year after the sales closes. Don't let anyone try to convince you otherwise.

There is no cap on increases to property value. The City of Atlanta and Fulton County can decide to assess your home at any level they want. Currently legislation is being considered that would cap increases in property taxes to the lesser of 3% per year or the rate of inflation. However, Mayor Franklin is pushing to increase property taxes in 2008-09 to pay for budget shortfalls. It seems like there is a 50/50 chance of this succeeding.

Regardless, aggressively manage your tax assessment and take every opportunity to appeal it if appropriate. - Thu May 22 2008, 12:14

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