If you previously filed for a homestead exemption, then you will
automatically qualify for Fulton County's CPI Homestead Freeze. While
I've seen this on my tax bill for many years, I didn't take the time to
understand what it meant until today.
Executive Summary: I don't have enough details available to tell you if
you will benefit from the CPI freeze, but if you purchased your property
between 2009 and 2016, then you are likely to benefit. The 3% annual
freeze applies only to Fulton County taxes, excluding bonds, which
consist of approximately 25% of your total tax bill. If you purchased
your property prior to 2009, then you are not likely to experience any
benefits from this freeze for at least 2-3 or more years.
In order to calculate your CPI freeze, you first need to obtain your
baseline valuation. The baseline number is the valuation of your house
in the year that you bought it. If you bought your house anytime prior
to 2003, then use your 2003 valuation. Using me as an example, I bought
my 2 bedroom condo in 2002, so 2003 is my baseline year. My valuation
was approximately $247k that year.
Next, you have to calculate the impact of CPI to your baseline valuation
over time. I went to https://data.bls.gov/cgi-bin/cpicalc.pl and found
out that $247k in January 2003 is worth $332k in April 2017. This
equates to an average CPI inflation rate of 2.15% per year for 14 years.
Next, you have to go back and think if the CPI increased greater than 3%
in any one year. If so, that will reduce the current baseline valuation
to a lower number, since CPI increases are capped at 3% per year. I'm
going to assume that inflation has been below 3% for the past 14 years,
and we'll still use $332k as my current CPI freeze valuation.
Finally, you have to determine if your current valuation is greater than
the current CPI freeze valuation. If so, then the freeze kicks in and
gives you some savings. My current valuation is $227,700, which is less
than $332,000, therefore, I will not benefit from the CPI freeze this
year.
If someone bought a 2 bedroom standard condo in 2012 for below market
value, then their baseline valuation might be $90k. In 2017, the CPI
freeze valuation for that property is $97k. Since $223,200 is greater
than $97k, the CPI freeze reduces their Fulton County property taxes.
Without the freeze, their Fulton County taxes might be roughly $634.
With the freeze in place, the tax should be limited to $94, a total
savings of $540. Atlanta City taxes are unaffected.
More info:
http://www.ajc.com/news/the-news/A7rzitGrJ52AzWe6bbCU5N/
Alex
--
Alex Agle
alex@xxxxxxxxx
C 404-229-3325
W 404-894-6165
-------- Original Message --------
Subject: [highland-discuss] Re: 2017 Property Tax Assessments
From: "Comer Buck" <comerbuck@xxxxxxxxxxx>
Date: Wed, June 07, 2017 2:51 pm
To: <highland-discuss@xxxxxxxxxxxxx>
FYI …
From: FourthWardWest@xxxxxxxxxxxxxxx [mailto:FourthWardWest@xxxxxxxxxxxxxxx] ;
Sent: Tuesday, June 6, 2017 7:26 PM
To: FourthWardWest@xxxxxxxxxxxxxxx
Subject: [FourthWardWest] Property Tax Assessment: What You Need to Know
Re-posted from District 2 Atlanta
If you own property in Fulton County and felt a wave of panic when you opened
your Fulton County Tax Assessment recently, you are not alone! Our office is
here to help explain the situation and assist you in any way we can.
1. The Assessment you received is NOT YOUR TAX BILL, but provides an estimate
based on what the millage rates were last year. Also, if you live in the home
you own and have the Homestead Exemption, you also have the Consumer Price
Index (CPI) Homestead Freeze. This offsets assessment increases to the CPI or
3%, whichever is less. In the coming weeks, the City of Atlanta, Fulton
County and the Atlanta School Board will approve their millage rates. Several
of these bodies are considering rolling back their millage rate, meaning that
your actual tax bill will be lower than the estimate provided on your tax
assessment. Go here
<http://r20.rs6.net/tn.jsp?f=001a5L23Y0EYXDhxNdxb4xqPmxR73afu2xyX-UJWwkhHGijhtd2JisEKf7JHKwuuZpLEtRktDhuR4f9TzWBWl05275XotkDqgZj2fWrE32eWUVXIDlTIHDzhynnI8De0_0Aw0ThiIKsrl0W1WM6n8fONwPhfcP_J7LFTWnX4duFgpKGt2PmW5zAf-qwAi9kjyRu3QVlFJBUN1hnkR1y_WcgeDHjXFguMTyYrV2W6XyQ0hY=&c=9wsk4frZCbtcFoFpKmbG7yLM0D5nn6isRy1qvFq_kRPqDn0IDCVrKA==&ch=A1Zmy8Ap8jKiLcHr0LdMPyJzg78sWAPWmVeyEAFPKyWLLB1oYzxyFg==>
to understand your tax bill.
2. If you feel your assessment is in error, file an appeal by July 10. For
more information, call 404-612-6440 or go online to www.fultonassessor.org
<http://r20.rs6.net/tn.jsp?f=001a5L23Y0EYXDhxNdxb4xqPmxR73afu2xyX-UJWwkhHGijhtd2JisEKf7JHKwuuZpLqvYFhC19pdUro7UpkyxHZNL5EWh2_giB1bUkEDLodnZC8f36SRv7aIlyGfNUcQSUWrSOHXgQvoNXAnJZEnhrsTth9u8iHJjRAo_5hNVRLgs_XYe-CdAlEg==&c=9wsk4frZCbtcFoFpKmbG7yLM0D5nn6isRy1qvFq_kRPqDn0IDCVrKA==&ch=A1Zmy8Ap8jKiLcHr0LdMPyJzg78sWAPWmVeyEAFPKyWLLB1oYzxyFg==>
. If over 5% of the overall Fulton County tax digest is appealed, the
Georgia Department of Revenue Commissioner will reject it, as required by
Georgia law.
3. Make sure you have claimed all your exemptions! The deadline is April 1st
of every year, but go ahead and file for 2018 while it's on your mind. If you
live in Fulton, click here
<http://r20.rs6.net/tn.jsp?f=001a5L23Y0EYXDhxNdxb4xqPmxR73afu2xyX-UJWwkhHGijhtd2JisEKf7JHKwuuZpLEbdjAdVZzdsaZ_qcUAzxk2aPcUJZXmJSypDBAnID0fthLjt-TVATkIeDkaBYDgpEteDgq8aILf8Wdzk_uvUhkplplONhIOoOcjkMMYqQKsly901Qp0jDysE6xlpHf3IrA0CNbAbIFWoUJIkQu9ammg==&c=9wsk4frZCbtcFoFpKmbG7yLM0D5nn6isRy1qvFq_kRPqDn0IDCVrKA==&ch=A1Zmy8Ap8jKiLcHr0LdMPyJzg78sWAPWmVeyEAFPKyWLLB1oYzxyFg==>
; Dekalb, click here
<http://r20.rs6.net/tn.jsp?f=001a5L23Y0EYXDhxNdxb4xqPmxR73afu2xyX-UJWwkhHGijhtd2JisEKf7JHKwuuZpLE3fppq9X3qyrO0JWwNPxMxoGAHaL_Bx3Z3pVD2Ukx4ao26TzM9mwuV7dHGg8eak6t81wTOyRwrAtGF4FVhjKxqKJ1N3qaUd2aXvpcqGHyUR-5lXUVjRsY98IjpwyUUsocmVDaUiS8dN2e7QMLj58HINg2Q4_m2WeGICNhEAQXibRp_gBMCmZ3rVlBugMSa-Rm63MPiSmEjZYi2DuVz3Z6g==&c=9wsk4frZCbtcFoFpKmbG7yLM0D5nn6isRy1qvFq_kRPqDn0IDCVrKA==&ch=A1Zmy8Ap8jKiLcHr0LdMPyJzg78sWAPWmVeyEAFPKyWLLB1oYzxyFg==>
.
__._,_.___
_____
Posted by: barfield.mcginnis@xxxxxxxxx <mailto:barfield.mcginnis@xxxxxxxxx>
-----Original Message-----
From: highland-discuss-bounce@xxxxxxxxxxxxx
[mailto:highland-discuss-bounce@xxxxxxxxxxxxx] On Behalf Of Alex Agle
Sent: Monday, May 29, 2017 2:04 PM
To: highland-discuss@xxxxxxxxxxxxx
Subject: [highland-discuss] 2017 Property Tax Assessments
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
<mailto:alex@xxxxxxxxx> alex@xxxxxxxxx
C 404-229-3325
W 404-894-6165
