302 N. Patterson Street, 1st Floor, Valdosta, GA. 31603 | P: (229) 671-2540 F: (229) 333-7606 | Office Hours: 8 AM to 5 PM M–F
FAQ
How is my property value determined?
What property exemptions are available?
How can I appeal my assessment?
How is the tax rate figured?
How is my property value determined?
Property tax is an ad valorem tax based upon the value of property, both real and personal. Real property is defined
as land and generally anything that is erected, growing, or affixed to the land. Personal property is boats, airplanes,
business inventory, and any equipment, furniture, and fixtures needed to run a business.
Property taxes are charged against the owner of the property as of January 1st, and against the property itself if the
owner is not known. Property tax returns are to be filed between January 1st and April 1st with the county
assessor's office.
Fair Market Value
The Assessors are charged with establishing the fair market value of the taxable real and personal properties in
Lowndes County. Fair market value means "the amount a knowledgeable buyer would pay for the property and a
willing seller would accept for the property at an arm's length, bona fide sale."
The Board of Assessors does not create property values. Assessors and appraisers merely interpret what is
happening in the market place. The appraised value is simply the estimate of what the property is worth.
Appraisal Procedures
The Assessors use standard approaches in setting the value on all real and personal property. There are three
approaches to value:
•
COST APPROACH: The cost approach uses actual replacement cost of the building, less general
depreciation, plus the value of the land.
•
MARKET APPROACH: The market approach involves analyzing sales of similar properties to predict the
likely selling price of unsold properties.
•
INCOME APPROACH: The income approach is used for income-producing properties. It involves capitalizing
the net income to arrive at a probable selling price for the property.
Special Assessment Programs
There are special assessment programs available to taxpayers. These special programs include:
Preferential Agricultural Property
Bona fide agricultural property can be assessed at 75 percent of the assessment of other property. This means that
this type of property is assessed at 30 percent of fair market value rather than 40 percent. Property that qualifies for
this special assessment must be maintained in its current use for a period of ten years.
Conservation Use Property
Bona fide agricultural property can be assessed at its current use value rather than the fair market value. Property
that qualifies for this special assessment must be maintained in a current use for a period of ten years.
Environmentally Sensitive Property
Property can be assessed at its current use value rather than the fair market value when such property is
maintained in its natural condition and meets the requirements set by the Department of Natural Resources.
Property that qualifies for this special assessment must be maintained in a current use for a period of ten years.
Residential Transitional Property
Property can be assessed at its current use value, rather than fair market value, when it is used for residential
purposes but located in an area that is changing to, or being developed for, a use other than residential.
Timber
Standing timber is not taxed until sold or harvested, at which time it is taxed based upon 100 percent of its fair
market value. There are three types of sales and harvests that are taxable:
•
lump sum sales where the timber is sold at a specific price regardless of volume
•
unit price sales where the timber is sold or harvested based on a specific price per volume
•
owner harvests where a land owner harvests his own timber and sells it by volume.
Equipment, Machinery, and Fixtures
Equipment, machinery, and fixtures are assessed at 40 percent of fair market value. The tax assessor may value
the equipment, machinery, and fixtures of a going business to reflect the fair market value of the business as a
whole. When no ready market exists for the sale of equipment, machinery, and fixtures, a fair market value may be
determined by resorting to any reasonable, relevant, and useful information available. This information may include,
but is not limited to, the original cost of the property, depreciation or obsolescence, and any increase in value by
reason of inflation. Other determining factors include:
•
existing zoning of property
•
existing use of property
•
existing covenant or restrictions in deed dedicating the property to a particular use
•
any other important factors.
Tax assessors have access to any public records in order to discover such information.
What property exemptions are available?
Homestead, School, Disabled Veterans, and Preferential Agriculture:
Property tax is one of the primary sources of revenue for Lowndes County. It is used to fund police and fire services,
education, roads, bridges, water, parks, and other county services. The basis for property tax is the fair market
value of the property, which is established on January 1 of each year. The tax is levied on the assessment value,
which by law is established at 40 percent of fair market value. The amount of tax is determined by the millage rate.
(One mill of tax is equal to $1 per $1,000 of assessed value.)
We accept applications year round. Applications for the current year must be made prior to March 1 of the year the
application is being sought. Once you have applied for an exemption, you do not need to reapply unless you move
to another location.
Special Exemptions:
You may be eligible for conservation use or preferential agricultural assessment exemption if you are in good faith
agricultural/forest production. This would include producing plants, trees, fowl or animals, or the production of
aquaculture, horticulture, floriculture, forestry, dairy, livestock, poultry and apiarian products.
With both programs, you enter into a 10 year covenant with Lowndes County whereby you agree to continue your
property in agricultural or forestry production.
Residential Transitional Exemption:
If you live in an area that is in a transition from residential to commercial use, and it is affecting the value of your
property, you may apply for a residential transitional assessment covenant. This is also a 10-year covenant. For all
three, apply between January 2 and April 1.
How can I appeal my assessment?
After the assessors establish a new value on a piece of property, the taxpayer is sent an assessment notice. The
assessment informs you of the new proposed valuation of your property. You have 45 days to appeal the new
valuation if you feel its incorrect. The appeal must be filed in writing. Late appeals are invalid.
Basis for appeal
After you have given careful consideration to the value placed on your property and if you feel its incorrect, your
appeal should be based on one of the following areas of appeal:
•
TAXABILITY: Is the property taxable or does it qualify for exempt status?
•
UNIFORMITY: Does the property value compare with the value of similar properties?
•
VALUE: Is the property value too high or too low?
Appeals Process
When you file an appeal, the Board of Assessors reviews it and determines whether a change in the valuation is
warranted. If no change is made, it will then go to the next level of appeal, either to arbitration or to the Board of
Equalization but the taxpayer must choose one at the time the original appeal is filed.
If either side disagrees with the decision of the arbitrator(s) or the Board of Equalization, the taxpayer or the
assessor may proceed to the next level of appeal, Lowndes County Superior Court.
How is the tax rate figured?
The tax rate, or millage, is set annually. A tax rate of one mill represents a tax liability of one dollar per $1,000 of
assessed value.
Example:
The assessed value--40 percent of the fair market value--of a house that is worth $100,000 is $40,000. In a county
where the millage rate is 25 mills the property tax on that house would be $1,000; $25 for every $1,000 of assessed
value or $25 multiplied by 40 is $1,000.