thanks all fpr the imfo on the tax ,
________________________________
From: highland-discuss-bounce@xxxxxxxxxxxxx
<highland-discuss-bounce@xxxxxxxxxxxxx> on behalf of William Hauser
<wm.hauser@xxxxxxxxx>
Sent: Thursday, June 8, 2017 12:16:35 PM
To: highland-discuss@xxxxxxxxxxxxx
Subject: [highland-discuss] Re: 2017 Property Tax Assessments
I can understand why a lot of folks are complaining, but there are 2 sides to
every story.
I was fortunate enough to buy in here 5 years ago for what was even
below-market for the time. And appealed my appraised value with the tax office
and got it knocked all the way down to buying price in 2012 - in other words,
below-market. In 2013 there was no increase from that. In 2014 I saw a
33-percent increase in appraised. In 2015 I saw a 47-percent increase, and
there was no increase in 2016. Now in 2017 I am seeing a 26-percent increase.
It amounts to a 248-percent increase in appraised value over 4 years, if you
compare the 2013 and 2017 appraisals.
While that may seem like a shocking increase, the average selling price for my
size unit (2-bed/2.5-bath) over the past 2 calendar years has increased
269-percent from what I bought mine for 5 years ago. So 2.48x higher appraised
value, while comparable-sized units in the complex are selling for 2.69x what I
bought mine for. So while I may not be celebrating the increased appraisals,
I'm not complaining either. Everyone's case is different, but I know I'm not
alone.
Bill
On May 29, 2017, at 2:03 PM, Alex Agle wrote:
I risk being the bearer of bad news, but the news is better than I
expected.
I just found out that this year's property tax assessments are available
online. The property valuations did not change last year, and I was
worried that we would have a huge jump in valuations this year. During
the second half of last year, sales prices really began to rise with one
sale being close to $290k. Fortunately, the new valuations are about
10% lower than I was expecting.
2 Bedroom Double Wide Units
Total Value in 2015 & 2016 = $182,600
Current Total Value = $230,600 (26.3% increase)
Difference = $48,000
Assessed Value Difference = $19,200
Approximate additional tax due this year = $864 or $72/month
2 Bedroom Units w/Home Office
Total Value in 2015 & 2016 = $180,000
Current Total Value = $227,700 (26.5% increase)
Difference = $47,700
Assessed Value Difference = $19,080
Approximate additional tax due this year = $858.60 or $71.55/month
2 Bedroom Standard Units
Total Value in 2015 & 2016 = $176,600
Current Total Value = $223,200 (26.4% increase)
Difference = $46,600
Assessed Value Difference = $18,640
Approximate additional tax due this year = $838.80 or $69.90/month
1 Bedroom Units
Total Value in 2015 & 2016 = $131,700
Current Total Value = $167,200 (26.7% increase)
Difference = $35,500
Assessed Value Difference = $14,200
Approximate additional tax due this year = $639.00 or $53.25/month
These are typical valuations, and your individual unit valuation could
vary based on a recent sale or other criteria.
For anyone curious about the process, Fulton county is supposed to
appraise our properties each year. They neglected to increase
residential valuations last year, so that means a more drastic increase
this year. Old Fourth Ward is a hot neighborhood, which is causing our
property values to rise. This is a good problem to have, but it means
higher property taxes. The median valuation increase in the county is
13%. Properties closer to the Beltline are seeing higher increases.
We pay property taxes based on 40% of the value of our property, so the
assessed value difference is 40% of the difference. I then divide the
assessed value difference by 1,000 and multiply by 45 to calculate the
approximate additional tax due. In years past, this has given me a good
ballpark value of how much the tax bill will increase.
Alex
--
Alex Agle
alex@xxxxxxxxx
C 404-229-3325
W 404-894-6165