Gwinnett Property Tax Valuations
Share this post by emailIt is believed that given the current real estate market conditions most Gwinnett County property assessments are valued too high.
Gwinnett County has published the following on its website newsletter:
The Board of Tax Assessor’s Office will be adjusting the 2010 tax value on several thousand properties in Gwinnett County as assessors review the real estate sales and foreclosure data occurring in certain areas of the county. To make sure your property is included on the review list, you should file a Real Property Tax Return. The property tax return will allow you to declare your opinion of the value of your property.
If your value is not accepted, a Notice of Change in Assessment will be issued to you (scheduled mailing by mid April 2010). The notice allows you to appeal the value, which will result in a review process and possibly further into hearings.
The property tax return process begins with the timely filing of a Real Property Tax Return. You may visit the Tax Assessor’s web page at www.gwinnett-assessor.com to print a partially completed form between January 1 and March 1, 2010. Complete and mail the Real Property Tax Return anytime between January 1 and March 1, 2010. If you are mailing your return, it must be postmarked by the USPS no later than March 1, 2010. Your completed return will not be accepted via email or fax - no exceptions.
Should you have questions about the process, you may call 770.822.7200 or e-mail assessor@gwinnettcounty.com.
Bear in mind that your tax bill is the product of the millage rate x property assessment equation and Gwinnett County just increased its millage rate.
Interesting reading:
• Metro Atlanta property valuation comparison map
• Why you’re paying too much in property taxes
One Response To “Gwinnett Property Tax Valuations”
Leave A Reply To “Gwinnett Property Tax Valuations”
You must be a registered user and logged in to post a comment.
Loading ...
Adobe Acrobat
February 12th, 2010 at 10:26 AM
Received via email yesterday:
PROPERTY TAX RETURNS DUE MARCH 1 IN FOUR METRO COUNTIES
If you own real estate in DeKalb, Gwinnett, Hall or Newton counties, you have only until March 1 to file a property tax return with your county tax assessor’s office asking that your property value be lowered for 2010. Most other Georgia counties allow until April 1 to file. After that, your county assumes you agree that your property is worth what they currently say it’s worth, and your tax bill will be calculated based on that valuation.
The only problem with that assumption is that literally tens of thousands of owners have seen their property values go down in recent months, but their local governments have failed to reflect that decrease in value. As a result, you can easily end up paying more property tax than you rightfully owe.
The process of asking your county tax assessor to review your valuation begins with the filing of a single page form, PT-50R, the Georgia “Taxpayer’s Return of Real Property.” This form requires you to find out what the county currently thinks your property is worth, then you must state what you think the correct value should be. My advice: guess low.
The form is available for download on my money99.com website. Obtain your parcel info and previous year’s value by calling your tax assessor’s office. Then, in Section C, you will need to estimate the value of your property as of January 1, 2010.
The county is not required to ask you if you wish to lower your estimate of value unless they are proposing an increase. And most Georgia counties are content to let the current values stay as they are.
That’s fine if your property value has held up well over the past two years, but many neighborhoods have seen significant declines in market value. And if that is the case in your community, or if you believe values have declined for your property generally, now is the time to file a return.
Estimating value is a tricky business at best, and requires detailed information about recent sales in your area. Real estate professionals have access to this info, but may charge a fee for a “broker’s price opinion.” A formal appraisal is likely to cost substantially more. But the more facts and comparable sales info you have when you make your return, the greater the likelihood that your assessment will be lowered.
In any case, there is no charge for estimating low, and it preserves your right to present your case to both the tax assessor and the board of equalization. Typically, one in three requests to lower the value results in some relief from the county. And once lowered, your assessment is likely to stay put for three years.