Foreclosures, short sales, declining values cause the fair market value of a property to sometimes fall below what the owner owes the bank. Even though the property owner is under water or upside down with the mortgage greater that the property is now worth, the property owner may not get any relief from the tax assessor.
Fulton County continues to consider the amount of the mortgage in assessing a property’s valuation for tax purposes resulting in valuations sometime double the fair market value of the property.
Property owners have options and can appeal. Contact GZB and the law firm of Williams Teusink Larsen to learn more.