The property tax bills will go out soon which always generates a lot of questions from homeowners in the Cumming GA real estate market in South Forsyth about how the rate is determined. To better understand the process, the first thing you can do is to better understand the terms used when discussing the topic and how they relate. And, while it may seem somewhat convoluted, the math is really very simple.
Revaluation: Because property values fluctuate with changes in the local as well as national economies, from time to time the county will re-assess properties to confirm their current Fair Market Value (FMV). The purpose of a revaluation is not to raise taxes, but to create an equitable distribution of the tax load across all property owners. A revaluation is the process of performing all of the necessary market analysis and valuation steps to determine a current, accurate and equitable value for each property within the county.
Fair Market Value (FMV): The fair market value of a property is determined by a county appraisal of the property which is based on current area sales.
Assessed Value (ASV): The assessed value of a property in Forsyth County equals 40 percent of the fair market value estimate at the time of the revaluation. Ex: $100,000 (FMV) * 40% = $40,000 (ASV)
Millage Rate: The millage rate is defined as dollars per $1,000.00 of assessed value (ASV). For 2021, the Forsyth County millage rate has been set at $27.6144 per $1000.00 (or the decimal equivalent of .027614).
Property Tax Owed: To determine your property tax liability you simply multiply the ASV found above by the millage rate. Ex: $40,000 (ASV) *.027614 = $1,112.16. In this case, the property tax owed would be $1,104.56
Property Tax Appeal: If you feel that the fair market value (FMV) the county used to determine your tax rate is incorrect, you have the right to appeal the value. You will be expected to provide a list of comparable properties that have sold for a price below the county’s appraised value. Here are the details you need to know about how you can appeal your Forsyth County property tax valuation.
I hope that the practical tips and information I provide on my site will empower you with the information you need to take the critical steps necessary when buying, selling (or staying) in your home. If you did not find the information you’re looking for here, please ask me! I am always available to help.
Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise! I service Real Estate sales in the following Forsyth, North Fulton and East Cobb and East Cherokee counties: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, Roswell and Canton.
Please feel free to call or text me at 404 710 0204 (or drop me an email) if I can provide you with more information about this article, or if I can assist you with buying or selling Forsyth County real estate.
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County and North Fulton County cities: Cumming, Suwanee, Alpharetta, Milton and Johns Creek. Other north metro-Atlanta suburbs are serviced by request, so please call.
Gayle Barton Forsyth County Real Estate | Cumming GA Real Estate | Mountain Crest Homes For Sale
Gayle Barton Cumming GA Real Estate | Forsyth County Real Estate
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