(Lawrenceville, Ga., Oct. 21, 2010) - A new state law will change how counties set property tax values starting in January. The state legislature passed SB 346 earlier this year. Gwinnett's Chief Appraiser Steve Pruitt briefed the Board of Commissioners Tuesday on what to expect.

The new law requires that counties send a Notice of Current Assessment to all property owners every year. The notice must follow state guidelines and include an estimate of proposed taxes based on current assessed value and using the previous year's tax rate. The 2011 taxable value of a property cannot be more than its purchase or acquisition price in 2010 in a qualified, arms-length transaction.

Pruitt said, "Property owners will now have 45 days from the date of the notice to file an appeal, and the law provides new options like arbitration and a hearing officer process for commercial properties valued over a million dollars." The Clerk of Superior Court is now responsible for oversight of appeals through the Board of Equalization, added Pruitt. Small business owners must still file a Personal Property tax return.    

Pruitt said the 2011 tax billing is likely to be delayed because of the extra workload that he estimated will add 60 days and cost 25 percent more than the previous process.