Higher property tax bills

Many of you are probably receiving your 2014 property tax assessment notices. If you're a resident of Gwinnett County for example, the new assessment amounts can be eye popping! The assessment increase is significant in many cases and can increase your property tax by as much as 10% - 20%. Keep in mind that you have the right to appeal your assessment but you must do so within 45 days of the notice. 

If you are purchasing homes, be aware that your escrow accounts setup at closing could be short when the tax bill comes due this fall. The tax escrow is based on 2013 tax amount which in many cases will be smaller than the tax bill for 2014 based on new assessments.

For links to county tax assessors office and tax info, please visit my prior blog post: PROPERTY TAX INFO.