Thomas Co. projects tax shortfall - WALB.com, Albany News, Weather, Sports

Thomas Co. projects tax shortfall

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THOMASVILLE, GA (WALB) - Property values in Thomas County will take yet another hit. "Anywhere from 10 percent to 15 percent for residential property up to 45 to 50 percent for residential vacant lots," said Thomas County Chief Appraiser Don Long. 

With the housing market still in a state of decline, homes are worth much less than what many people paid for them. While some folks may be content to pay less in property taxes, it also means less money for county programs.

Long says it's all about supply and demand. "They had like a three year supply of homes on the market and our vacant lots we have like 25 year supply of vacant lots."

Next week folks in Thomas County will receive a notice in the mail regarding their home assessment. "It'll have last year's value on it, it'll have this year's current value, and than at the bottom it'll have what their property taxes will be based on the new value," said Long.

Long says generally most people are happy with their assessment. "Usually 85-90 percent of people are satisfied and we get about 10 percent of the people who think their value should be lower than what we set it at."

With the market the way it is, Long says now is really not the time to build. "It's really a better buy for people to purchasing an existing home than go buy a lot and build a house on it."

This is the first year the amount owed in property taxes will be included on the assessment notice. Long says he wants everyone to understand that although the amount owed is on the assessment, this is definitely not a bill.

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