Property Assessment Values and What They Mean for You
What Property Assessment Values Mean For You
Property Assessment Values in Gwinnett County
If you own property in Gwinnett County, you may have noticed recently in your mail that you have received your Annual Notice of Assessment. If you have not received your Assessment Notice and believe that you should have, you can go to the Gwinnett County website and view your assessment online or verify that the county has the correct mailing address.
What Is a Property Assessment Value
Your Annual Notice of Assessment will contain important information for you about your property. It will contain the Fair Market Value of your property, the Assessed Value, and the estimated taxes for the county, the school system you are in, and the city if applicable, based on the millage rates for each and the current year's value.
The Fair Market Value of your property is defined as the price at which a property is reasonably expected to sell, with the Assessed Value of your property being 40% of that Fair Market Value. The Fair Market Value is determined by assessors who look at the size of the property and land, the age and characteristics, and sales prices of comparable properties. They also look at properties in the field, through aerial photography, and through official documentation of the property.
If you are curious about properties that are comparable to your own, reach out to me! I am able to find sales prices of comparable homes in your area to give you a better idea of what assessors are using to determine your Fair Market Value.
Something that will also be included on your Notice of Assessment, are any tax exemptions you have.
Common Tax Exemptions in Gwinnett County
A tax exemption will allow you to withhold a dollar amount or a percentage of your property value. A very common exemption available in Gwinnett County is the Regular Homestead Exemption. This exemption applies to the county and school portions of your tax bill. To qualify, homeowners must apply with the Tax Commissioner's Office, and they must have occupied the property as of January 1st of the application year. While the April 1st deadline to apply for the current year has already passed, it is worthwhile to set a reminder for the next year to apply for this exemption.
Once you receive the Regular Homestead Exemption, then the Value Offset Exemption is automatically applied. This exemption is only available in a few counties in Georgia, including Gwinnett County.
This Value Offset Exemption applies to your home, and up to five acres of land. The VOE keeps the assessed value of your property constant for the county portion of your tax bill, by establishing a base year value for your home. Meaning that even if there is an increase in your existing property value, your county tax rate will stay the same. This does not apply to the school and city portion of your assessment, just the county portion.
Appealing Your Assessment in Gwinnett County
If you believe that your assessment is incorrect, you can file an appeal online or through the mail within 45 days of the date located in the upper right-hand corner of the assessment notice. The grounds for appealing your valuation are focused on the following three attributes listed on the Tax Assessors Office website.
- Value: Would the property sell for the appraised amount?
- Taxability: Is the property taxable?
- Uniformity: Is the appraisal uniform with similar properties?
Keep in mind, it can be somewhat risky to appeal your valuation. Unless you have solid information that your tax value is too high, it could actually be raised under review. If you are curious about the accuracy of your valuation, it is best to look at the sales price of comparable properties if available.
Contact Me With Any Questions About Property Valuations in Gwinnett County
If you have any questions regarding your Annual Assessment Notice, feel free to contact me by filling out the form below. If you aren't sure about the valuation of your home, I am more than happy to pull any available comparable properties so that you can determine whether or not to appeal your valuation.