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Breaking down your Annual Assessment Notice

Post Date:05/04/2018 9:05 AM

Newton County residents have received their Annual Assessment Notice in the mail detailing property valuations, assessments and estimated taxes.

This important piece of information not only tells what an individual’s 2018 estimated taxes will be but also details other helpful pieces of information.

Each notice tells tax payers the appraised value and assessed value of their property, along with their estimated taxes for the county based on the previous year’s millage, school system, fire and municipality, if applicable. The appraised value is determined by the Newton County Board of Assessors, which conducts field work and sales analysis throughout the year. The Board of Assessors is appointed by Newton County’s district commissioners. The Board of Assessors does not report to the Board of Commissioners and has no political affiliation.

The Board of Assessors does not create property values but interprets what is happening in the market place. The appraised value is simply a reflection of market value for your property.

 

Appraisal Procedures
The Assessors use standard approaches in setting the value on all real and personal property. There are three approaches to value:

•COST APPROACH:The cost approach uses actual replacement cost of the building, less general depreciation, plus the value of the land.

•MARKET APPROACH:The market approach involves analyzing sales of similar properties to predict the likely selling price of unsold properties.

•INCOME APPROACH:The income approach is used for income-producing properties. It involves capitalizing the net income to arrive at a probable selling price for the property.

 

Property values are assessed every year.

“The purpose of a revaluation is not to increase county revenue but to ensure equity and uniformity of assessment,” according to Georgia Department of Revenue web page. “Each year there are two types of value changes made to a county tax digest. The change may be due to inflation or a result of increases due to new or improved properties.”

 

Assessed Value

From the appraised value is determined the property’s assessed value. State law dictates that the assessed value be 40 percent of the appraised value (O.C.G.A. 48-5-7).

 

Calculating Property Taxes

The property tax is then calculated by taking 40 percent of the appraisal value, or the assessed value, subtracting any exemptions such as homestead to get the taxable value and then dividing that by $1,000. That number is then multiplied by the Newton County’s Maintenance and Operation millage rate of 13.441. A mil equals $1 per $1,000 of assess property value.

Example: 

Appraisal value

$100,000

Assessed at 40%

$40,000

Less exemptions

-$10,000

Taxable value

$30,000

$30,000/$1,000x13.441

$402.33

 

 

More information

Property help pay for the services provided by Newton County, including public safety, paving of roads, parks and recreation, libraries and more. Assessing how those funds are provided is a complicated process. For more information on that process please visit ncboc.com or http://www.qpublic.net/ga/newton/. Also feel free to call your tax assessor office, which mails out the Assessment Notices, at 770-784-2030.

Another informative website is the Georgia Department of Revenue, https://dor.georgia.gov/property-tax-valuation.

 

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For more information about Newton County, please visit www.ncboc.com, like Newton County, Ga on Facebook or follow @NewtonCounty on Twitter.

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