Atlanta property taxes: New law benefits owners

AJC special investigation: Property tax meltdown

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By David Wickert

The Atlanta Journal-Constitution

In the wake of a 2009 Atlanta Journal-Constitution investigation that showed many county property tax appraisals were too high, the General Assembly this year approved Senate Bill 346. Among its provisions:

● Beginning in 2011, counties must send every property owner an annual Notice of Current Assessment, indicating property value. Previously, counties sent notices only if they adjusted appraised values. It’s an important change, because you can appeal your value only if you receive a notice. If everyone gets a notice, everyone can appeal.

● The year after you buy your house, the appraised value can’t exceed the sale price. So, if you bought your house for $200,000 in 2010, the county’s appraised value can’t exceed $200,000 in 2011. The county can raise the value in future years.

● Counties must treat any open-market sale — including a short sale or bank sale — just like any other sale for the purpose of determining property value. Foreclosures are not factored into county appraisals because they are not true open-market sales. Instead, a foreclosure is a legal procedure in which a bank terminates a mortgage and takes possession of a property.

● Property owners will have 45 days to appeal the county’s appraisal, up from 30 days. The law also requires notices to include an estimate of your property tax bill for the current year.