It's that time again. Last week we got our tax valuation reassessed. For us, it wasn't a bad thing and honestly, it hasn't been for the folks I have talked with. Let me qualify that... for the amount of tax we pay, it wasn't a bad thing.
Two years ago, Gwinnett County re-assessed our home. The jacked us up by about 12%, even though there was NO justification in the comps. They got away with it because it wasn't worth the fight for us to carry on. We disputed it a couple of levels, but eventually dropped it.
Oddly, this was almost exactly two months after the State of Georgia passed a law requiring the counties to consider foreclosures and short sales in the valuation process. I think it might have been their "last hurrah" before having the valuations that were based in reality.
As mentioned, we got our valuation last week. And it went down... way down. in fact, it dropped by more than twice as much as it went up... we were down over 25%. Good news for the house payment. Bad news for the value of our house. Bad news for Gwinnett county... the budget is not going to be happy with all of these lower valuations.
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I'd love to hear from you...
yes it is going to be a mess now but what will it bring in those values when that market turns for the better?
Lane it may not be good news for your mortgage payment either. I find that when counties are lowering valuations they then must raise the millage rate to bridge the gap in budget and revenue.