Art Foundry at Atlantic Station

I too am wondering if this is some sort of scam by the city of Atlanta tax appraisers to raise more money for the bankrupt city. I live in Twelve Atlantic Station, and my Tax appraisal was ,000 above what I paid for it the same year. Usually the tax appraisal is about 20% below market value. When Twelve sold their condos they charged 2k per floor, so the exact unit on the top floor(26) paid 38k more for that unit on the 7th. So I compared mine to the exact same unit on other floors in the building. I looked up all the tax appraisals and they all appraised for the same price. So Atlanta appraised the units on the 7th floor for the same price as the penthouse units. Obviously the penthouse has better market value than a 1st floor condo. I imagine Atlanta makes millions of dollars this way by ripping off people living in highrises in Atlanta.

You should appeal the findings. It isn't that hard to do really...Not to long ago the entire board got into quite a bit of trouble and it looks like they are back to the same shenanigans that got them into trouble in the past. All you need are some comparables to present to them. Let me know if you need some help...

The City of Atlanta does not establish appraised value. Fulton County does. It's higher than FMV in many parts of the city because the County Tax Assessor's office is incompetent.

Fellas - the Fulton County Board of Assessors is responsible for the assessed value, not the City of Atlanta....please get your facts straight. Also, I have appealed my assessment successfully - you can do the same. Stop whining and do something about it.

Oops! sorry about writing Atlanta there guys. I was actually writing something else somewhere else and didn't edit my blog entry here correctly. It is definitely Fulton County who does this, not the city...I have actually helped three people appeal Fulton County on this issue as it is definitely a matter of competence, pressure from the cities to increase revenue and the fact that most homeowners are to apathetic to pursue the appeal process. You are correct atlanta dude. It is quite easy to get it corrected. You are however incorrect in your statement about whining about it. As a result of this one blog post, two people have appealed their assesment, which was the point. Whining about it is what people do that don't do something about it! Thanks for catching that guys. Total slip up on my part.

There are many interesting things about tax appraisals. Say the rental value of your condo is comment_body,000 and a Post or other major apartment unit rents for the same. Post etc. will pay less than half and perhaps as much as a fourth less in property taxes, per unit, as you.

My bid was just accepted for a foreclosed Art Foundary condo and I'll be closing in early 2/08. My experience with assessed valuation is that it is square footage and date biased. When a property is assessed, two components are calculated --- the real estate (lot) value and the improvement (built square footage) value. A building ;lot whould only have a land value, a house would have a land pluse improvemnt value. A condo has an assessed value for square footage and a vlue for location --- differentiation in location seldom accounts for whether a condo is on the sixth or 16th floor., it only accounts for the fact that it is in a hgih rise. Importantly, assessed values are calculated at a point in time --- when the condo is built. In the past two years condo prices have fallen. Their assesed values will remain the sme. there's a reason for this in that collected taxes are used for municipal budgets which need to be met whether the real estate market goes up or down. A respondent above recommended appealing the tax --- there's no chance that that wil work as a lowering of taxes on one unit will only open the door to lowering taxes on all the units. The best approach is not to appeal, but to sue. Get your day in court and just maybe enough attention could be brought to your case to reform relative valuations across the board. BTW I just bid for and got a oreclosed condo in Art Foundry. If i told you the sales price, you'd forget all about the txes you're paying and focus on how far the prices have fallen i the past two years.

February, Congrats on getting a great deal. We were able to get the county appaisers to adjust the value based on comparables. Just because there is a municipal budget does not mean that any government has the right to overcharge you for your taxes. They handle it on a case by case basis and they know that most will never bother to challenge their valuations so when someone challenges the value and come armed with facxts, they pretty much have to adjust the value.