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Assessments on the Rise for Atlanta Apartments

by Paul Miller, Atlanta, March 2013

 

Assessors in DeKalb and Cobb County, Georgia have indicated they will increase tax assessments on Class A apartment properties this year. Fulton County revalued Class A apartments in 2012 and intends to target Class B apartments this year. It's important to have an understanding of the current dynamics of the Atlanta-area multi-family market to ensure your property is correctly assessed.

 

Supply and Demand

 

The Metro Atlanta economy remains strong, driving the area towards a multi-year run in employment growth. This positive job picture is increasing demand for apartments and pushing up occupancy levels.

 

The National Apartment Association and the National Multi Housing Council singled out Atlanta as a major urban center for apartment growth in the recent report, The Trillion Dollar Apartment Industry.

 

Assessments Follow Market Trends

 

Newly built or recently acquired apartment properties can expect the largest increases in their tax assessments this year.

 

The number of new construction permits for apartments increased dramatically in Cobb, Fulton and DeKalb Counties. M/PF Research reports year-over-year growth of more than 120 permits in each of these three counties.

 

Minimize Your Tax Exposure

 

Just because the multi-family market is on an upswing, it doesn't justify increases across-the-board. The fact that assessors have announced higher values for apartment properties means you must be prepared.

 

Meticulously check and re-check every detail of your property's assessment, including:

 

  • Project size

  • Unit size

  • Unit mix

  • Double assessment of personal property

  • Other income details

 

Confirming the specifics of your individual apartment property puts you in the best position to spot errors and irregularities that can be appealed and corrected.