After a heated rise in the real estate market over the last two years, the projected tax digest for Cobb County is expected to cool off a bit.
Outgoing Cobb Tax Assessor Stephen White announced in a county release Tuesday that expected growth in the tax digest this year will be 2 percent.
That’s down from 8.52 percent last year and a record digest of $60 billion.
The 2025 tax digest projection, which is set by the Cobb Board of Tax Assessors, would come to $62 billion.
The tax digest is official assessed value of all taxable properties in the county, including residential, commercial and personal property.
Local governments base their budget and millage rates on the tax digest, which is formalized in July.
(Here’s more information on the tax digest and related details.)
White and new Cobb Tax Assessor Christine Stinchcomb detailed the 2025 projection in the video below; White said that one of the main reasons for lesser growth in the tax digest is that the number of reassessed properties this year will be substantially lower than in 2024.
In addition, the average home sale price in Cobb grew by only $20,000 last year, hovering just under the $500,000 mark.
By contrast, in May 2024, that average was $533,557, an all-time high.
In 2020, the average home sale price in Cobb was $346,715.
“Just two years ago, the average price of a home in Cobb County increased by $50,000; this year, it’s only $20,000—so things are changing,” said White, who recently was named Cobb Support Services Agency director.
He said that’s a result of the local real estate market, especially the residential sector, slowing down.
White added that not just the number of reassessments are down this year, but also the rate of the increase in assessments also has gone down, but he did not elaborate.
The Cobb tax digest grew by double-digit figures in both 2022 and 2023, primarily due to sharply rising asssessments that prompted citizen outcry.
The Cobb Board of Commissioners has not reduced its general fund millage rate in that time. The Cobb Board of Education did slightly, in 2023.
Full tax assessments will go out in May; the final tax digest is issued in July, as Cobb commissioners consider the fiscal year 2025 budget and just after the Cobb school board finalizes its fiscal year 2025 budget, which goes into effect on July 1.
Related:
- Cobb Police Precinct 6 to have ribbon-cutting ceremony
- Cobb County government releases 2024 annual report
- Cobb Tax Assessors board names new director, chief appraiser
- Cobb opts out of property tax law; starts 2028 SPLOST process
- Cobb Medical Examiner identifies ‘cremains’ at funeral home
- April deadline nears to file for Cobb homestead exemption
- Former Cobb Tax Assessor named to new county role
- Richardson’s office declared vacant after appeals court rejected
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