Not long ago, Gwinnett County was a symbol of the Georgia real estate boom. Now it is foreclosure central - but county appraisals still don’t reflect the lower home values.
Located northeast of Atlanta with great access to the beltway, Gwinnett County prospered from the early 1990’s until the real estate collapse began a few years ago.
During the boom years home values in cities like Norcross soared and property tax assessments probably increased much too quickly.
Now the reverse is true as Gwinnett County assessed values aren’t falling fast enough to keep up with the huge numbers of foreclosures and short sales – in fact Gwinnett County now has another name – foreclosure central.
That’s quite a turnaround for an area that was once dominated by great technology companies and beautiful suburban homes.
An investigation by the Atlanta Journal Constitution found that home values in Gwinnett County were on average 2.5 percent too high but even more overstated within certain zip code areas.
One Gwinnett County homeowner is still dealing with a 2006 property tax appraisal that is 25% above the true market value resulting in a tax bill that is $750 too high every year!
This is a county where homeowners who successfully appeal their assessment are able to reduce the tax value of their home by an average by $33,689.
More Gwinnett County appeals are expected this year because a new Georgia state law makes it easier for homeowners to challenge county appraisals. That could result in a deluge of appeals especially given the magnitude of the foreclosure crisis in the county.
During 2009, 44% of Gwinnett County home sales were foreclosures and 2010 home sales followed a similar pattern.
County officials however, aren’t standing by while their tax base vaporizes. Last year Gwinnett County increased property tax rates by 21% and still had to lay off over 100 employees.
If you live in Norcross and your assessed value has not been lowered enough to keep up with collapsing prices, using ValueAppeal to appeal your assessment can help. With an average reduction on successful Gwinnett County appeals of $33,689, there are huge opportunities to save on property taxes if you act quickly!