Chattooga County Property Assessors Website
ASSESSMENT NOTICE EXPLAINED
Property Value
These boxes compare the Previous Year's Value, the Returned Value, and the Current Year's Value of this property. They are compared by Fair Market Value and by Assessed Value.
Georgia law defines "Fair Market Value" as "the amount a knowledgeable buyer would pay for the property and a willing seller would accept for the property at an armīs length, bona fide sale." O.C.G.A. 48.5.2(3) (for more on "Fair Market Value", click here.
The "Assessed Value" is the value that is actually used in the calculation of your property tax bill. It is set by law (O.C.G.A. 48-5-7a) at 40% of the Fair Market Value (Fair Market Value x 0.4 = Assessed Value). Any exemptions you qualify for are then subtracted from this value when taxes are calculated.
