How to lower your property tax assessment in Georgia
If you own real estate in Georgia, you’ve got a tax bill coming.
It’s going to happen probably around the first week of June. And when it happens, you’ll probably wish you had done something ahead of time to make the amount of that tax bill smaller.
FOX 5 real estate expert John Adams says you have probably been paying more than your fair share of property tax and now is the time to do something about it.
In Georgia, our property tax is an ad valorem tax, meaning each owner pays his fair share based on the appraised value of that property on Jan, 1.
Your local tax assessor is responsible for determining that value.
Typically, a valuation does not happen every year, and because of the recent volatility in housing prices, a review of value may save you hundreds, maybe even thousands of dollars.
However, it is your responsibility to take control of the process for 2024.
There is absolutely no relationship whatsoever between the assessed value for property tax purposes and the real market value of the property. While all of us want our homes to be worth as much as possible, you don’t need to worry that a low assessment will hurt your selling price should you later decide to sell.
Beginning on Jan. 1 of each year, every owner in Georgia has the right to file a taxpayer's return of property with the tax assessor in the county where the property is located. This form simply notifies the assessor of your opinion of the value of the property in question on Jan. 1, 2024. The form is known as "Georgia PT-50R" and can be found on Adam's website. It should only take about 10 minutes to fill out.
Your estimate of value should be based on sales of comparable homes which occurred during the 12 months between Jan. 1, 2023 and Dec 31, 2023. If possible, find at least three sales that are similar in age, style, and size to yours; have the same bedroom and bathroom count; and are located within a mile of your home. Local real estate agents can help you locate these sales.
Make sure your estimate of value for 2024 is lower than the assessed value assigned for last year. If it looks to you like your value is truly higher, don’t file anything. The assessor may simply leave well enough alone.
Because this is simply your estimate of value, you don’t have to be able to back it up with data. Filing the form simply tells the county you want them to re-examine their estimate of value before they propose a valuation for 2024 later this spring.
Your completed Georgia Form PT-50R should be postmarked or hand-delivered to the local Board of Tax Assessors by Monday, April 1, 2024. And the sooner you do it, the better your odds of gaining the attention of a real person at the assessor’s office.
Every day that passes between now and April 1 will mark an exponential increase in the demands for their time. Eventually, they will simply be unable to respond to review requests.
For your best chance of success, Adams' advice is to file your return as soon as possible.
Some counties, like Gwinnett County, allow you to file your form online. However, the safest method of filing is to hand it to the assessor and get a receipt. Submitting that paperwork tells the county you want them to review 2023 sales data before they calculate a proposed valuation for this year.
We’ll examine each of these steps in more detail as we move into the new year, but the bottom line is this: you can save significant sums of money by making sure the county is not overcharging you for your property taxes.
Adams also offers his free 2024 special report entitled "How To Lower Your Property Tax In Georgia." In the report, he looks at the new Georgia laws surrounding property taxation and how they can benefit owners.
Atlanta native John Adams has been a real estate broker and investor in residential real estate for the past four decades.