Property owners will likely see county-assessed values rise again this year.
When meeting last Thursday, the Gilmer County Board of Tax Assessors was told by chief appraiser Theresa Gooch that the assessors office is looking at another base cost, or price per square foot, increase for valuing real property.
“We start with replacement cost new, so when we talk about doing a base cost increase, we’re talking about changing our starting dollar per square foot,” Gooch explained.
Last year, Gooch said the county was experiencing an “accelerated” housing market with property selling for higher prices than before. Between 2019 and 2020, there was an average 20 percent increase in sales prices, she noted then.
“On average, other counties in the state were around 11 percent,” said Gooch in 2021.
That accelerated market is still going strong, the chief appraiser told board members Bill Logan, Jerry Davis, Tom Porter, John Williamson and Gary Engel at the March 17 assessor board meeting.
“What we’re seeing is even an increase from last year,” Gooch said.
“(Probably) everybody who follows the market in Gilmer County can attest to the fact that there’s property selling and for values you never thought you would see. It’s been a long time since you’ve seen people command that kind of money.”
“It’s not just county specific. It’s happening all over,” said board member Engel.
Gooch said she also anticipates increases in the dollar amounts for rural and urban land values this year. Urban land typically gets repriced every year, she noted.
“We’ve just kind of been in a cycle for the last couple of years (of) reval, reval, reval,” Gooch said. “We’re hoping, at some point, the market will plateau, but it’s not foreseeable right now for 2022. (This) is a review year for us, so it’s important that we hit those marks, but they are going to base it off 2021 sales against our 2022 values.”
The 2022 base cost rates, which are used in schedules and tables the assessors office uses to determine values, haven’t been determined yet. Pricing of sales is still being done, Gooch said.
“We will have to work through the pricing and see where that leaves us. It’s a little early to determine (new figures) just yet,” she added.
Assessment notices are expected to go out some time in May. Property owners will have 45 days from the date on their notices to file appeals.
In other news ...
The April 1 deadline to file for several property returns and tax exemptions is drawing near.
Friday, April 1, is the last day to file for the following: homestead exemptions (including the 65 and over school tax exemption), conservation use, and real and personal property returns. Applications filed after April 1 will be for next year.
Homestead exemptions and mobile home appeals are among the applications that can now be filed online at GilmerAssessors.com, as well as in person.
To get the 65-and-up exemption for the current year, an applicant must have been at least 65 years old on Jan. 1, Gooch noted.
April 1 is also the last day to file prebill mobile home value appeals. Prebill mobile home tax bills are due on that day, as well, Gooch noted.