Cobb Tax Assessor Stephen White is predicting that the county’s tax digest will grow by more than 10 percent this year, the first double-digit yearly increase in more than two decades.
In a release issued by Cobb government, White said that the projected rise of 10.49 percent is based on an additional $5 billion increase in the value of residential, commercial and personal property as of March 31.
That includes a predicted growth of 13.15 percent in residential values, an increase of 6.56 precent in commercial values and 0.83 percent more in personal property values.
The tax digest is the overall value of property—real and personal property, motor vehicles and public utilities—adjusted after such things and homestead exemptions and the senior school tax exemption.
For 2022, the tax digest is projected to be a record $48.4 billion. The 2021 tax digest is $36.1 billion.
In a statement accompanying the county release, White said that due to the strong real estate market in Cobb “it is apparent we need to make changes to values that are reflective of what properties are worth. Many neighborhoods have properties selling for more than our value. The majority of our residential properties will see an adjustment in their Fair Market Value on their assessment notice because our value for last year is no longer reflective of what properties are worth.”
The final 2022 tag digest numbers will be revealed in July. Residential assessment notices go out to Cobb homeowners in May and commercial assessments are issued in June.
White’s prediction comes as Cobb commissioners are bracing for a summer budget season.
In recent weeks, they’ve been hearing budget requests from department heads that total around $1.2 billion, an increase of nearly $180 million more than the current fiscal year 2022 budget.
Much of that comes from combined requests to add nearly 700 county employees to address staff shortages in a number of departments.
Only four new full-time positions were filled in the current budget and none were approved for FY 2020.
Commissioners are expected to adopt a fiscal year 2023 budget by the end of July.
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Never do they think of how to reduce taxes and spending — only rubbing their greedy little hands about how they will spend this windfall. Good grief. It is disgusting.
This is ridiculous, it’s been increasing yearly.
This is ridiculous, it’s been increasing yearly
Sad decision to raise property tax as the people of Cobb County are hurt by inflation.