Chattooga County Property Assessors Website

ASSESSMENT NOTICE EXPLAINED

Returned Value

This is the value YOU estimated on your property back at the first of the year. (If you didn't file a return then the Assessors Office was obligated to file one for you.) To find out more about Property Tax Returns and filing them, just click here, and I'll try not to confuse you too much.

In the sample notice, this property was returned at a Fair Market Value of $100,000. The Assessment on this (that's the number immediately below it on the form) would be $40,000.

"Fair Market Value"is defined by law (O.C.G.A. 48-5-2) 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 that portion of your property value that is taxable. For most types of property, that portion is fixed by statute (O.C.G.A. 48-5-7(a)) at 40% of that Fair Market Value.