- Trends in real estate are driving home prices up and increasing values across Cherokee County. According to the fourth quarter 2021 U.S. Home Equity & Under Water Report released by ATTOM, 41.9 percent of mortgaged residential properties were considered equity rich. Almost one out of every two homes surveyed in the fourth quarter were equity rich, an increase from 39.5 percent since the third quarter of 2021.
That’s good news for homeowners looking to sell. Those sales along with other contributing factors impact assessments conducted annually by the Cherokee County Tax Assessor’s Office. As the assessment process is nearing completion for upcoming assessment notices, the Tax Assessor’s Office reports that 91 percent of tax parcels in Cherokee County have increased in value (99,935 of 109,018). The Office also reports that 2,140 parcels decreased in value, and 6,942 parcels had no change from the previous year.
For 2022, the Real Property Growth/Inflation Rate is coming in at about 17 percent, as of March 30. In the past, annual averages have ranged between 4-6 percent.
“These are preliminary numbers and are subject to change as we continue the process,” said Chief Appraiser Steve Swindell.
Georgia state law dictates how assessments must be completed, including evaluations and deadlines for exemptions and assessment notifications.
“The Cherokee County Board of Tax Assessors follows the appraisal guidelines provided by the Georgia Code and Appraisal Procedures Manual. The goal is to achieve ‘Fair Market Value’ as defined in the code section 48-5-2 (3),” Swindell said. “The appraisal staff uses three approaches to value (sales comparison, cost and income) to determine valuation of properties. Statistical analysis, as provided by law, is used to calculate the level of assessment, uniformity and assessment bias for a group of properties defined by area, neighborhood, or class of property (residential, agricultural, commercial and industrial.)”
Property owners whose home is their primary residence are able to file for a homestead exemption by April 1 of the current tax year. The homestead exemption continues without renewal until the property is either sold or change in deed occurs.
“We partnered with the county Communications Division to make an extra effort this year to inform the public about the homestead exemption deadline of April 1, as we wanted to ensure property owners were aware of the deadline. We wanted to ensure anyone entitled to the homestead exemption receives one,” Swindell said. “In 2022, our office received 5,809 new homestead exemption applications, with nearly 1,000 received in the final week prior to the April 1 deadline.”
A homestead exemption provides a $5,000 reduction of the fair market value, and a 2008 local resolution dictates that once a homestead exemption is granted, that property value is frozen for Cherokee County’s maintenance and operations millage rate until the property changes hands or modifications are made. In addition, there are exemptions for disabled veterans and senior citizens.
“The senior homestead exemption is increased each year by the Social Security Index, which saw a 5.9 percent increase in 2022,” Swindell said. “Seniors with a qualified senior homestead exemption will see an increase in their exemption amount this year.”
The Tax Assessor’s Office, which is governed by the Board of Assessors, will mail the 2022 assessment notices on May 16, and property owners have until June 30 to file any appeals. The appeals process is explained on each assessment notice.
