With falling home prices, many new homeowners are finding their homes assessed at a value higher than what they paid, which directly relates to the amount of property taxes they are liable for. In these cases, it is worthwhile to apeal your assessment which may lead to your property taxes being lowered.
Georgia law requires the Board of Assessors mail assessment notices to taxpayers when property values change. When you receive your assessment notice, the first thing you should ask yourself is what is the fair market value of my property? Fair market value is the price that a willing buyer would pay and a willing seller would accept for a property in an open market sale. If your appraised value is more than you reasonably could expect to sell your property for, then you should consider filing an appeal.
A CHECK LIST FOR PROPERTY OWNERS FILING AN APPEAL
- Check the values of similar houses in your neighborhood.
- If you still wish to appeal, you must do so in writing within 45 days of the date of your assessment.
- When your appeal is received, The Fulton County Board of
Assessors (BOA) makes its review and either agrees with your value or
establishes a new one. - If you are not satisfied with the BOA's decision, you
may choose Arbitration or a Board of Equalization (BOE) hearing. The BOE is a
panel of three county tax payers appointed by the Fulton County Grand Jury to
resolve disputes over property valuation. There is no cost if the BOE is chosen. - Your final option is to appeal the case to the Fulton County Superior Court.
HOW TO MAKE YOUR APPEAL MORE EFFECTIVE
To make your appeal before the Board of Assessors, the Board of Equalization or through arbitration more effective, you can improve your case with documentation. Here's how to do it.
- Request a copy of your Property Record Review Document in person from the
Assessors' office, or send a self- addressed, stamped envelope to the Fulton County Board of Assessors, Suite 1056,141 Pryor Street, S. W., Atlanta, Georgia 30303-3445. This free, one page document will describe the essential features of your residential property.Review it for accuracy. You may request any other residential property record for fifty cents. - Obtain a market analysis of comparable properties recently sold in your neighborhood. As your local real estate expert, I am happy to provide this to you at no charge.
- Establish property value by providing a recent property appraisal. This is a good option
for individuals who have recently purchased or refinanced a home. - Review the Street Index and Sales Books for comparable properties. You should look for
properties in your neighborhood with the same quality or construction; similar land size and square feet of living area; number of Bedrooms, basement size, etc. The Street index and Sales Book are located in the downtown Government Center, North and South Fulton Service Centers.
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