Chattooga County Property Assessors Website
ASSESSMENT NOTICE EXPLAINED
This is the value you were taxed on last year. In the sample notice, this property's Fair Market Value last year was $100,000, and it's assessed value (that's the number immediately below it on the form), was $40,000.
"Fair Market Value" is defined by law (O.C.G.A. 48-5-2 paragraph 3) as ..."the amount a knowledgeable buyer would pay for the property and a willing seller would accept for the property at an arm's length, bona fide sale."
"Assessed Value" is the portion of your property value that is taxable. By law (O.C.G.A 48-5-7(a)) that portion for most properties is 40% of the fair market value.