Tucker Homes Assessed Downward

Tucker’s Sharon Park in unincorporated DeKalb County is typical of many of the area’s established neighborhoods. About 50 years old, this subdivision of two streets and dozens of ranch and split level homes shared in the broad home price appreciation that spanned several decades until the Great Recession.

Sharon Park homeowners, as with the rest of DeKalb County, should have received their Annual Notice of Assessment from DeKalb County in May. Tucker property owners in Gwinnett County should have received their notices in April. These assessment notices caused many Sharon Park owners’ jaws to drop.

Of the neighborhood’s 48 houses, 47 were assessed lower values, some significantly lower. If you are wondering, Sharon Park is stable with most homes owner-occupied, a location in the popular Livsey Elementary school district and only one foreclosure in recent years (2008).

This writer’s home, in his wife’s name, fell 40 percent in value from $202,500 for the past several years to $122,880. Certainly, the drop in annual property taxes from $2,324 to $1,556 was welcomed. Less welcome was DeKalb, by its estimate, reducing much of the available equity in this home.  

DeKalb assessments in Tucker have varied. Newer and pricier subdivisions generally held their values better, per county records randomly reviewed. Condominiums and townhomes normally suffered the steepest assessment drop.

Lower property assessments directly affect the county’s tax digest, which represents over half of DeKalb’s total revenue stream. The digest is 40 percent of real estate and personal property values assessed by the county. From 2007-2010, the gross countywide digest hovered between $24-25 billion but for 2011 will sink below $21 billion.

DeKalb CEO Burrell Ellis wants a 4.5 millage rate increase to offset the unexpected drop in the tax digest. For this writer’s house, that would mean $221 more in property taxes after the $768 drop from the new assessment. DeKalb’s Board of Commissioners will have the final say and look for some colorful discussion about this topic on June 14 in Decatur.

Real estate experts will say that market values are more relevant than county assessments. Nevertheless, The Atlanta Journal-Constitution’s June 5 annual home value report confirmed that DeKalb and Gwinnett counties should have lowered some assessments in the Tucker area based on sales data.

For further information on your Tucker home and neighborhood assessment, visit:

http://web.co.dekalb.ga.us/PropertyAppraisal/index.html

If you live in Tucker in Gwinnett, visit:

http://gwinnetttaxcommissioner.manatron.com/Tabs/Property.aspx

These sites also will provide useful information on how the assessment process works and how to appeal.