Chattooga County Property Assessors Website

ASSESSMENT NOTICE EXPLAINED

Previous Value

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.