Home values may not have increased in 2022 at the same soaring pace as homeowners saw the year prior, but the average Cobb County homeowner will still see an increase in their property values reflected on this year’s tax bill.
Cobb County’s property tax digest is expected to jump by 13% this year, potentially marking another boom after last year’s first double-digit increase in two decades.
This week, chief tax appraiser Stephen White released the yearly tax digest estimates, which give officials guidelines as they prepare the annual budget.
“I’m not seeing real estate prices go backwards. I’m seeing them move up still,” White said. “It’s just taking a little bit longer than it was before.”
Average residential sales prices in 2022 increased by $52,000, less than the $66,000 average increase in 2021. Home prices still rose, albeit slower than at the height of the pandemic when homes could be sold within hours, and buyers scrambled to make offers above the asking price.
“The amount of time that it’s taking to sell a home is a little bit longer than it was perhaps, 12 months ago,” White said. “But the sales prices — we’re not really seeing a change there.”
Cobb home prices still on the rise
| Year | Average residential sales price |
|---|---|
| 2018 | $289,606 |
| 2019 | $319,416 |
| 2020 | $346,768 |
| 2021 | $401,264 |
| 2022 | $453,253 |
About 77% of the county’s commercial properties increased in value, accounting for a large part of the tax digest increase, White said.
This year’s property taxes won’t be determined until after county officials decide whether to lower, raise, or maintain the millage rates at which properties in the county are taxed. But even if they opt to keep rates the same, most homeowners should expect to pay higher property taxes again this year due to the increase in property value.
When looking at the other metro Atlanta counties, White said they are seeing “very similar numbers” with rising property values.
“All of us are seeing strong real estate markets,” he said.
Property tax notices will go out in mid-May. To look up your property tax assessment and check comparable sale prices in your neighborhood, visit cobbassessor.org or call 770-528-3100.
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