| Term | Definition |
|---|---|
What does "Ad Valorem" mean? | According to Value |
What is an Assessor's basic function? | To value property at its Fair Market Value (FMV) |
What is the level of assessment in the state of Georgia? | 40% |
Who determines county revenue needs and county millage? | The County Commissioners |
Who determines school revenue needs? | The School Board |
Who compiles the tax digest, bills, and collects taxes? | Tax Commissioner |
How is a basic property tax bill calculated? | Assessed Value x Millage Rate |
What is Fair Market Value in general terms? | What a knowledgeable buyer would pay, and a willing seller would accept in an arm's length bona fide sale. |
As of what date should property be at market value each year? | January 1st |
How long does a taxpayer generally have to appeal a changed value? | 45 days |
What three matters may a property owner appeal? | Value, Uniformity, Taxability |
What are the three recognized approaches to value? | Market, Cost, Income |
What does the sales comparison approach use? | Recent sales of comparable properties, adjusted for relevant differences. |
What does the cost approach estimate? | Replacement cost less accrued depreciation, plus land value.
(RCN - D + L = Value) |
What three broad forms of depreciation are noted in the cost approach? | Physical, Functional, Economic. |
What type of property is the income approach most applicable to? | Income producing property, such as apartments, shopping centers, and offices. |
What is the basic Income Approach Value formula? | Value = Income/Rate |
How is income calculated when value and rate are known? | Income = Rate x Value |
How is rate calculated when income and value are known? | Rate = Income/Value |
What is Effective Gross Income? | Potential Gross Income - Vacancy or Collection Loss + Miscellaneous Income |
What is Net Operating Income? | Effective Gross Income - Allowable Operating Expenses and Reserves for Replacement |
What does GRM stand for? | Gross Rent Multiplier |
What is an appraisal? | An informed opinion of value given by an Appraiser. |
What additional goal accompanies estimating value for tax purposes? | Maintaining equity among similarly situated properties. |
What is a Fee Appraisal? | Appraisal of an individual property. |
What is Mass Appraisal? | Valuation of many properties using standardized procedures. |
What is the first step of the mass appraisal process? | Property identification, beginning with mapping. |
What is the second mass appraisal step? | Data collection and analysis. |
What is the third mass appraisal step? | Valuation of property. |
What record is commonly used by the field appraiser during valuation? | The Property Record Card. |
Why are uniform schedules and manuals important to mass appraisal? | They help provide the uniformity and equality needed for an equitable assessment system. |
What is the formula for a sales-assessment ratio? | Assessed Value/Sales Price |
Why must sales be verified before ratio-study use? | To determine whether the transaction reasonably reflects fair market value. |
What does the "Range" measure in a ratio study? | The lowest and highest ratios in the sample |
What is the Median Ratio? | The physical midpoint after arranging ratios from lowest to highest. Not the average. |
Why is the Median often preferred to the Mean? | It reduces the disproportionate influence of extreme outliers. |
What is the Mean Ratio? | The sum of the individual ratios divided by the total number of ratios. |
What does deviation measure? | The numerical difference, or distance between the Median or Mean ratio. |
What does the Coefficient of Dispersion (COD) measure? | Uniformity: average deviation expressed relative to the median or mean. |
What COD standard does the manual give for Residential Property? | Less than or equal to 15% |
What COD standard does the manual give for Commercial, or mixed Commercial and Residential Property? | Less than or equal to 20% |
What does the Price-Related Differential (PRD) measure? | Assessment Bias in terms of progressivity and regressivity. |
What does a PRD below 1.00 indicate? | Progressivity |
What does a PRD above 1.00 indicate? | Regressivity |
What PRD does the manual identify as acceptable? | 0.95-1.10% |
How is the Weighted or Aggregate Mean calculated? | Total Assessments/Total Sales Price (or appraisals) |
How does the Commissioner normally measure assessment ratios for homogeneous groups? | Using the Median |
Under O.C.G.A. 48-5-291, what is the minimum age for a BOA member? | 21 years old. |
How soon must a newly appointed BOA member become a county resident? | Within 6 months after taking the oath of office. |
What level of education must a BOA member have? | A Highschool diploma or its equivalent. |
How much initial assessor training is required for new BOA members? | 40 hours, before or within 180 days of appointment. |
What continuing education is required for a BOA member? | 40 hours every 2 years. |
Does taking Course 1 within the initial 180 days satisfy the first maintenance requirement? | No. The initial Course 1 Training does not satisfy the separate continuing-education requirement. |
Who appoints the members of the county Board of Equalization? | The county Grand Jury. |
Who is the regular term of a BOE member? | 3 calendar years |
How much training must a new BOE member complete before serving? | 40 hours within their first calendar year of appointment. |
What annual BOE training is required after the initial training? | 8 hours annually until reappointment. |
What is Georgia's general assessment level? | 40% |
What is the normal deadline for filing a property tax return? | April 1st |
What is the normal homestead exemption application deadline? | April 1st |
What is the basic requirement for a homestead exemption? | The property must qualify as the applicant's homestead under the statutory requirements. |
What code section covers the small-value personal property exemption? | 48-5-41 |
Name several changes listed as exempt under 48-5-41 | Public Property, Burial Places, Qualifying Religious Property, Purely Public Charities, and Qualifying Non-Profit Property. |
Can exempt charitable/religious/educational property generally be used to produce distributable private profit? | No; the manual's statute limits such use and requires qualifying income to serve permitted purposes. |
What Code Section lists major categories of property exempt from taxation? | 48-5-42.1 |
Personal property with a fair market value of ________ or less, is stated as exempt in 48-5-42.1. | $20,000 |
What code section addresses exemption of the owner-occupied homestead? | 48-5-44 |
What code section governs application for homestead exemption? | 48-5-45 |
What code section addresses homestead applications for individuals age 65 or older? | 48-5-47 |
What code section addresses a homestead exemption for certain individuals age 62 or older? | 48-5-47.1 |
What code section covers the qualified disabled veteran homestead exemption? | 48-5-48 |
What code section covers Level 1 Freeport exemption application requirements? | 48-5-48.1 |
What happens if a required Freeport application is not timely filed? | The exemption may be waived for that tax year, subject to the statutory provisions in the manual. |
What code section covers Level 2 Freeport exemption application, filing, and renewal? | 48-5-48.5 |
What code section addresses determination of homestead eligibility and appeal? | 48-5-49 |
What code section addresses fraudulent homestead claims? | 48-5-51 |
At what age does the manual's homestead tax-deferral part begin elegibility? | 62 |
What code section covers application for homestead tax deferral and appeal? | 48-5-74 |
Who is responsible for valuing property for county ad valorem taxation? | the county Board of Assessors |
What is the BOA's role in the appeal process? | Review the appealed assessment or decision and either make changes/corrections or forward/continue the appeal as required. |
How long does the taxpayer generally have to appeal an annual notice of assessment? | 45 days from the date the notice is mailed |
Where is the initial property-tax appeal filed? | With the county Board of Assessors |
What issues may be appealed to the BOE? | Value, Uniformity, Taxability, and qualifying homestead-exemption denials for residents |
What alternative appeal route is available for value disputes? | Arbitration |
When may certain non-homestead real property appeals go to a hearing officer? | For Value/Uniformity of parcels with a FMV of over $500,000 |
If the BOA makes no change after reviewing an appeal, what happens? | The notice and necessary papers are sent to the BOE; the taxpayer need not file another appeal notice |
If the BOA changes the value during appeal review, how long does the taxpayer have to continue to the BOE? | 30 days from the mailing date of the change notice |
How long does the BOA generally have to review an appeal and notify the taxpayer? | 180 days after receipt of the taxpayer's notice of appeal |
When can an additional 180-day BOA review period apply? | When the appeals meet the statutory 3% parcel-count or 3% gross-digest threshold and required notice is given. |
How early must affected taxpayers be notified of the additional 180-day review period? | At least 30 days before expiration of the initial 180-day period. |
What happens under the statute if the BOA misses the applicable review deadline and the taxpayer asserted a value? | The taxpayer's most recent value may become the established value, subject to the statute's conditions. |
How recent may a certified appraisal submitted in support of an appeal be? | It must have been performed not later than 9 months before the assessment date. |
After receiving a qualifying taxpayer appraisal, how long does the BOA have to accept it or explain rejection? | 45 days |
After a final appeal value and expiration of the superior-court appeal period, how soon must the BOA forward the value to the tax commissioner? | Within 10 days |
During what hours must statutory appeal proceedings be conducted? | Between 8:00am and 7:00pm on a business day |
Does a taxpayer have a one-time option to change a scheduled appeal/hearing time? | Yes |
How long is the appeal period from a BOE/hearing officer decision to superior court? | 30 days |
What does a signed valuation agreement between the taxpayer and the BOA do to the appeal? | It terminates the appeal as of the date of the signed agreement. |
Who schedules BOE hearings and gives hearing notices under the appeal statute? | The Appeal Administrator |
How long must certain appeals records be maintained after the superior-court appeal deadline? | 12 months |
What must the BOE establish for conducting appeals before it? | Procedures by regulation, consistent with statutory and DOR requirements. |
How frequently must the Commissioner's uniform appeal rules be reviewed> | No less frequently than every 5 years |
How often does the statute direct the Commissioner to publish/update the BOE/Arbitration/Hearing Officer manual? | Annually |
What is the significance of the $500,000 threshold in the Course 1 Appeal statute? | It is a threshold for certain hearing-officer appeals involving non-homestead real property or qualifying wireless property |
If multiple properties of one taxpayer are under appeal, can the hearings be consolidated? | Yes, upon taxpayer's request, with separate decisions for each parcel/item. |
Does failure to return real property eliminate the taxpayer's statutory right to appeal? | No |
What must the uniform appeal form require from the taxpayer? | An initial assertion of the property's value |