Lawrenceville – Gwinnett County property owners will soon get the official assessment of their property’s value. Chief Appraiser Steve Pruitt said the Board of Assessors mailed approximately 260,000 annual notices of current assessment to residential and commercial real property owners on Friday, April 4, 2014.
If you have not recieved yours yet, you will be recieving it soon.
Since 2008, the tax value has decreased for more than 93 percent of all residential properties in Gwinnett County. As the real estate market has rebounded and foreclosures and bank sales have slowed, property sales have jumped considerably. As a result, approximately 75 percent of the county’s 1,645 residential neighborhoods will see an increase in value, adding $2.2 billion in market value.
Approximately 14,000 residential notices will show a decrease in value. The sum of these downward adjustments totals almost $95 million in residential market value. The general review of commercial properties resulted in some 1,500 properties receiving increases in value totaling almost $600 million in market value. New property growth totaled approximately $350 million in market value, with contributions of $215 million from residential properties and $135 million from commercial.
“The declining real estate market and changes to tax law that required selling prices of foreclosed and short sales to be used in the appraisal process have reduced the property digest by 28.5 percent over the past five years,” said Pruitt. “Now the market has rebounded soundly above the foreclosure and short sale prices of the recent past.” Considering the potential impact of appeals, officials estimate that the overall increase in the property tax digest will be approximately 10 percent.
In accordance with state law, all notices of assessment will include an estimate of the property tax bill based on last year’s net millage rate and this year’s current fair market value. The actual tax bill will be based on the tax rates set by the Board of Commissioners and the Board of Education later this year. Property owners should note that the actual tax bill may be more or less than the estimate. In addition, the estimate may not include all eligible exemptions.
Property owners have 45 days from the date of the notice to file an appeal by using the statewide uniform appeal form (PT311A). The deadline for appeals is May 19. Those who choose to appeal may submit appeals by U.S. mail or in person. Property owners also have the option to submit their appeals and track the status online at www.gwinnett-assessor.com. Assessment notices, forms and appeal information, including FAQs, can also be found on the webpage.
Property owners may also contact the Tax Assessors’ Office for information or assistance at email@example.com