Cobb County’s property tax digest is expected to jump by more than 10% next year, fueled by booming home values in the Atlanta suburbs.
The Cobb tax assessor last week released the annual estimates, which are used to build the county’s annual budget. If the estimates hold up when they are finalized in June, they would represent the first double-digit increase in the county’s property values in more than 20 years, county officials said in a news release.
The housing market is driving the increase, but real estate prices are up across the board. Residential property values are expected to jump 13.2%, while commercial values are projected to rise 6.6%, the assessor’s office said.
That would give county budget writers some financial breathing room as they attempt to address a worker shortage and a projected $178 million gap between department spending requests and expected revenue.
For many county residents, though, it means property tax bills are likely to go up even if the tax rate stays the same.
In a statement, Chief Appraiser Stephen White said most residential property owners in Cobb should expect their home’s fair market value to increase when assessment notices go out later this year.
“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.”
Last year, the tax digest increased 5.3%. It has risen by an average of 5.5% annually since 2016, according to county records.
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