A statement on the Tax Assessor's Office explains the market changes: "A super majority of the property transfers that took place in 2011 and 2012 were some type of forced sales. Thus, these sales had a huge effect on tax values. The real estate market has recently rebounded. Foreclosures and bank sales have slowed significantly and selling prices have jumped considerably when compared to previous tax values. Approximately 30,000 residential notices will reflect either no change in tax value or a decrease in tax value compared to 2013. However, the majority of residential notices will reflect an increase in County appraised value compared to the prior year."
Approximately 75 percent of the county's 1,645 residential neighborhoods will see an increase in value.
Of the commercial properties, 1,500 will receive notices of increases in value totaling almost $600 million. New property growth added $215 million from residential properties and $135 million from commercial.
"The declining real estate market and changes to tax law that required selling prices of foreclosed and short sales to be used in the appraisal process have reduced the property digest by 28.5 percent over the past five years," said Chief Appraiser Steve Pruitt in a released statement. "Now the market has rebounded soundly above the foreclosure and short sale prices of the recent past."
Officials estimate the overall increase in the property tax digest will be approximately 10 percent, taking the potential impact of appeals into consideration.
To view your Gwinnett County property tax assessment notice online, click here.
Property owners have 45 days from the date of notice to file an appeal. The deadline for appeals is May 19. Appeals may be filed online, by mail or in person. More information is available on the Gwinnett County Tax Assessor's Office website.
Annual notices of current assessment for personal property (such as boats, airplanes and business equipment) are scheduled to be issued in mid-May.