Population: 707,442
2013 total value of residential property: $39.3 billion (-1.1%)
Median 2013 county residential appraisal: $137,030
Typical residential property undervalued by: 7%
2013 residential property appeals: 2,330
How the county stacks up: Last year Cobb County's typical residential appraisal was 7 percent over market value, according to an AJC analysis. This year, the typical appraisal is 7 percent under market value.
Cobb Chief Appraiser Stephen White said a turn in the real estate market made the difference. He said a decline in bank sales has raised sale prices, while historically low interest rates have brought more buyers into the market. Existing homes are selling for close to the asking price, and White’s also seen a strong demand for new homes.
“Builders can’t build them fast enough,” White said. “(Real estate) agents want new construction.”
The county cut countywide residential properties values by $449 million this year, or more than 1 percent, though it raised values in some areas. White thinks the market rebound might justify raising values in more neighborhoods in 2014, but he also sees the county continuing to cut elsewhere.
“I think we’re going to reflect whatever the market is reflecting,” he said.
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