A variety of taxing jurisdictions in Georgia, Tennessee and North Carolina have recently announced upcoming activity relevant to values in their respective counties.
The Georgia counties of Fulton, DeKalb and Cobb have indicated recently that they will be increasing assessments on Class A multi-family assets for 2013. Fulton has further indicated that they will be going after Class B multi-family as well. Additionally, Gwinnett County will be targeting increases for large office buildings, high-rise hotels, restaurants, shopping centers with a grocery store anchor, mini-warehouses and some larger warehouses, and any commercial property that recently sold.
In Tennessee, Shelby County has released their capitalization rates for the 2013 revaluation. They will be providing this information to large commercial owners in the next two weeks with notices set to be issued by mid-March. Paradigm has been advised that they will go after increases in Class A apartments, some grocery anchored retail, and selected industrial space over 450,000 square feet. Rutherford County will be targeting office, select retail, and some multifamily, but their revaluation will not occur until 2014. Finally, Davidson County has mentioned a desire to go after office and multi-family, but it will be bracketed by submarket. They may go after additional assets, but they have not yet completed their reviews.
In North Carolina, the listing deadline for Forsyth County has been extended to February 15th. During their recent reappraisal information sessions, the county laid out the schedule of standards and values to be utilized during this year’s reappraisal. The notices are due to be issued next week and the appeal forms will be included with the notice. Additionally, the county is expected to raise the tax rate by 6.3 cents per $100 due to a projected 8.6% drop in revenues from this year’s reappraisal. This drop is anticipated due to an expected reduction in values for several property types.
For more information on any of these developments, contact Cameron Moore of Paradigm’s Atlanta office at (678) 954-6002 or email@example.com.