Cobb County - GA issued the following announcement on Apr. 1.
Boosted by a robust residential real estate market in Cobb County, the county’s tax digest is expected to rise by more than 10 percent this year. Chief Appraiser Stephen White released his annual prediction at the end of March, which showed a nearly $5 billion increase in commercial, residential, and personal property in the county. The predicted 10.49% rise in the digest marks the first double-digit yearly increase in more than two decades.
“The real estate market continues to perform very, very well in Cobb County. When we compare the value our office has on properties to what properties are selling for, it is apparent we need to make changes to values that are reflective of what properties are worth,” White said. “Many neighborhoods have properties selling for more than our value. The majority of our residential properties will see an adjustment in their Fair Market Value on their assessment notice because our value for last year is no longer reflective of what properties are worth.”
Residential assessment notices will hit the mail in mid-May, and commercial notices will go out later this month.
The prediction released Thursday shows a 6.56% increase in commercial property values, a 13.15% increase in residential values, and a slight 0.83% increase in personal property values. The total digest is expected to increase to more than $48.4 billion.
The Chief Appraiser’s tax digest prediction, historically a conservative look, helps the county in the budget planning process for the upcoming fiscal year. The actual change in the tax digest will be calculated at the end of June.
Original source can be found here.
Source: Cobb County - GA
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