Property value worries addressed
Fannin County and school system officials are promising to do all they can to keep tax bills comparable to last year even though the number and value of real estate sales have driven up property assessments.
Chief Appraiser Dawn Cochran spoke to the Board of Commissioners Tuesday, August 9, to explain the increased assessments reflected on notices recently received by Fannin County taxpayers. Those notices, which include an estimated tax payment, created an initial public outcry.
Cochran’s explanation, combined with statements from the commission and school system concerning the tax rollback number, were designed to end fears of higher property taxes.
Cochran told the commissioners and those gathered for the board’s regular meeting that Fannin County has seen a huge increase in the number of real estate sales that have reflected a similar increase in the value of property.
She said the Board of Assessors office has historically handled about 1,500 yearly sales.
In 2020, there were approximately 2,400 sales and that number increased to 2,800 in 2021.
The Georgia Department of Revenue (DOR) dictates an annual audit of sales must produce a ratio of assessments to fair market value of between 36 and 44. Assessments are required to be reasonably uniform and based on fair market value, according to the DOR.
In 2020, Fannin’s ratio was 36.50, but then dropped to 30.55 in 2021.
Reassessments, reflected on the recent notices received by property owners, increased that ratio to 38.55 percent, resulting in Fannin County being back in DOR compliance.
Cochran and county commissioners explained that a taxpayer’s actual bill is determined by a variety of factors, including exemptions, (see related story below) and the millage rate adopted by the Board of Commissioners and School Board.
The assessment notices causing concern use last year’s millage rate as a basis for the estimated tax bill. This millage rate had to be used because the new millage rates have not been adopted by the commission or school board.
Once property assessments are finalized to create the county tax digest reflecting a county-wide property value, the county and school board will have a millage rollback number that reduces the millage so an almost identical amount of taxes are collected from all taxpayers as last year.
Commission Chairman Jamie Hensley and School Superintendent Dr. Michael Gwatney both anticipate their respective boards adopting the rollback millage.
Hensley said during the meeting the “Board of Commissioners will do their part with a rollback.”
Hensley said the Board of Education officials had confirmed they intended to do the same.
Gwatney said the following day, “I will recommend the rolllback rate” to the full school board for approval.
Cochran said later, “If the school board and commissioners take the full rollback, you’re taxes are going to look very similar to last years.”