As the Fulton County property tax dispute continues, we thought a quick study on our local market for the Centennial High School District covering Alpharetta, Johns Creek, and Roswell might be of interest.
Based on a review of the last 25 sales in our local market, regarding the net selling price vs. the Assessed Value in Fulton County records, we found that 28% of the Homes SOLD for less than the assessed value. The net selling price is simply the price the Seller received at closing (sales price – closing costs).
Other highlights were:
1 Home was Sold for half of the Assessed Value
Only 1 Home Under $400k sold for Less than the Assessed Value
Over 75% of the Homes Sold for a 5% pt variance or more from the Assessed Value
Our quick review shows that the Assessed Value of homes is very inconsistent. The Under $400k market seems to be Undervalued and the Higher End market has a greater chance of being overvalued when comparing the SOLD price to the Assessed Value that Fulton County is using.
Funding our local government resources is very important and we are all for continued improvement into the safety, infrastructure, and quality of education that is provided to our community. How a given home is assessed is clearly far from perfect.
If you’re considering Selling or Buying a home this Spring, give us a call at 678-665-0202 or email us at Robin@RobinMartinAssoc.com.