Atlanta property taxes: Understanding the lingo

By D.L. Bennett

The Atlanta Journal-Constitution

Fee appraiser — A private-sector expert in valuing property, typically paid $350 or more to gather comparable sales and estimate value on a residential property.

County appraiser — County employee who is charged with setting the tax value for thousands of parcels by using sales to set trends for an area. The number is used to generate a property tax bill.

Assessor — An appointed official in charge of approving tax values and exemptions upon the recommendation of staff. Typically, they are appointed by county commissioners.

Chief appraiser — The top tax professional in the assessor’s office. The chief appraiser oversees the county appraisers, prepares a budget, sets direction and reports to the board of assessors.

Fair market value — The value assessors are supposed to set on each parcel. It represents the price a property should sell for in a fair transaction on the open market.

Assessment — The number a property owner pays taxes on. The assessment is 40 percent of the appraised, or fair market value, less any exemptions.

Exemption — A tax break. The most common, the homestead exemption, varies from county to county. In Fulton, for example, the homestead exemption is set at $20,000, meaning that sum is deducted from the assessed value.

Millage rate — The property tax rate for a jurisdiction. Separate rates are created for county, city and school taxes.

Mill — One dollar in taxes per $1,000 of assessed value.

Notice — A document mailed by the county, usually between April and June, declaring what value the county has set on a property for the current tax year.

Appeal — A tax notice gives an owner the right to file an appeal, or contest the county’s value. Typically, owners have 45 days from the notice date to file an appeal.

Property tax return — A document a property owner can file, most commonly between Jan. 1 and April 1, to declare to the board of assessors what the owner thinks the property is worth.

Tax bill — The document mailed to property owners stating how much tax is due for a given tax year. The amount is set by taking the appraised value, reducing it to the assessed value, subtracting any exemptions and then multiplying that number times the millage rate.

Board of Equalization — A panel of county residents set up to hear tax appeals for cases not resolved by staff or the board of tax assessors.

Foreclosure — A property transaction in which a lender takes back a property when the owner has failed to make sufficient payments.

Distressed sale — A transaction not considered by assessors to be fair market. Any low-value sale to avoid foreclosure, one by a financial institution, or a foreclosure can qualify. Before 2009, assessors didn’t count them in setting values.