Your Assessment and its Relationship to Your Ultimate Tax Bill

The information below was provided from the office of District 2 Fulton County Commissioner Bob Ellis

As a reminder, your notice of tax assessment is NOT your tax bill.  State law requires an estimated tax bill, but it does not fully note exemptions. What is lacking most frequently is the presence of city exemptions.  That is due to the fact Fulton County does not handle tax billing for many cities and thus does not have records of the exemptions that apply to individual properties.  Also note that the millage rates on your assessment are the PRIOR year millage rates.  The current year millage rates are always set AFTER the assessments are released.   Generally speaking,

if property values go up and a jurisdiction chooses to hold the millage rate the same, they are, according to Georgia state law, levying a tax increase and must advertise it appropriately to allow citizens to understand it and offer comment.  If they choose not to capture any revenue from the aggregate growth in reassessments, they must reduce their millage rate to reflect that fact.

It is important to note even if a jurisdiction reduces its millage rate and does not capture any new revenue from reassessments, a property owner could still see a higher tax bill. That is, if your taxable assessed value percentage change is higher than the millage rate rollback percentage, you are on the losing end. You are on the winning end if your taxable assessed value percentage change is lower. 

Ed ThompsonComment