Three of 4 Cobb homeowners see value hike

May 11—As the Cobb County Tax Assessor mails out assessment notices this week, roughly 75% of Cobb homeowners will see their valuations increase.

Chief Appraiser Stephen White said this week that about 180,000 of the county's 240,000 residential properties will see an increase in the county's assessment of their home.

For some residents, that will mean an increase in their property taxes. Once residents receive their assessment, they have 45 days to appeal it, if they believe the county has overvalued their home.

"As everyone is aware, the real estate market has been very, very hot, so the increases can be rather large," White said in a county video. "And so we're encouraging folks, go and take a look at the sales that have occurred in your area, and that will help you arrive at if you feel that our value is appropriate or not."

Most homeowners will receive their assessment notice this week or next week, White said.

The average sale price jumped by 12.9% from 2021 to 2022, per the Tax Assessor's Office, from $401,264 to $453,253.

In April, White projected that the county's overall tax digest will grow by 13% this year.

The growth means an increase in tax revenue for Cobb County, its cities, its school districts and its community improvement districts, assuming their millage rates hold steady or increase. One source of relief may be coming, as Cobb County School District Superintendent Chris Ragsdale has proposed lowering the district's millage rate in this year's budget.

Under Georgia law, rising property value assessments not accompanied by a corresponding millage rate "rollback" that offsets the increase in tax due are considered tax increases and must be advertised as such.

White said homeowners can call his office and speak with an appraiser if they don't understand, or disagree, with the county's valuation of their home. Residents can also look at home sale prices in their neighborhood.

"Take a look at the value that our office has put on the property for 2023, and then ask yourself, could I sell my home for that value if I were to put my house on the market?" White said.

Typically, about 1-2% of Cobb homeowners appeal their assessment, per White.

If an appeal is filed, the Tax Assessor's Office will reexamine their valuation of the property and respond by late summer or early fall.

Assessments are meant to capture the value of a property on Jan 1, 2022.

While Cobb's housing market has boomed in recent years, there are signs that it could be cooling.

The number of home sales in Cobb was down by 21.6% in April of this year compared to last April, according to the Georgia Multiple Listing Service (MLS), and the number of new listings was down 22.6%.

The April median sales price, however, still grew by 3.2% year-over-year.

The continued rise in home prices could be caused by homeowners wary of selling. Georgia MLS noted the number of active listings has been trending down in recent months, attributing it to rising interest rates, low inventory and economic uncertainty.

Relief for homeowners

Tax Commissioner Carla Jackson said residents "do have some good news" in regard to their tax bills.

At the behest of Gov. Brian Kemp, the state legislature approved $950 million in one-time property tax relief in this year's state budget. On average, Georgia homeowners will save about $500 on their property taxes.

"What that amounts to is basically a reduction in your assessed value of $18,000 on all levies except for bonds and TADs (tax allocation districts)," Jackson said.

Homeowners in unincorporated Cobb can expect to see a reduction in the taxes they pay to the county general fund, county fire fund and Cobb school district.

Homeowners don't need to do anything to benefit from this year's property tax relief grant — Jackson's office will handle the paperwork on their end.

Tax bills this year will include an additional column showing how much they saved due to the property tax relief program.

White said some homeowners may pay less in taxes in 2023 than they did in 2022 due to the relief program, if their assessment didn't change, or rose by very little.

Once the assessments are finalized, the Tax Commissioner's Office will send out tax bills in August. Residents can expect their bills no later than Aug. 15. Taxes are due Oct. 15.