Market Study to determine value of apartments - WALB.com, South Georgia News, Weather, Sports

Market Study to determine value of apartments

By Karen Cohilas - bio | email

August 11, 2008

ALBANY, GA (WALB) - More of your tax dollars will be spent to determine the appropriate value of some properties in Dougherty County.

The 2006 mass evaluation of Dougherty County properties relied on sales figures to determine the values. For apartments, those figures just aren't accurate since apartment complexes are rarely sold. Analysts couldn't rely on building costs either.

Now, a market survey will be conducted at a rate of $1000 per day to determine the income value of apartments in the county. Tax Assessors Board Chairman said, "They're (taxpayers) not going to feel real good about that and I don't blame them. I'm a taxpayer too, but unfortunately with the state putting in a manual that we should look at the income approach to value on income producing properties, we don't have much choice, we've got to do this."

The market survey will cost between $8,000 and $15,000. Shopping centers and other income producing properties will next be assessed for income value.

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