Friday, June 1, 2012

Crazy tax reassessments in DeKalb

Some DeKalb County, Georgia residents are shocked and confused by this year's just released property tax reassessments.

DecaturMetro.com gives account of some of the strange goings-on.

Dunwoody Patch says one resident reports a 70 percent hike on her Decatur residence.

Some neighborhoods are holding their own. But even in a real estate boom, a 70 percent hike sounds nutty.

I tend to follow the harder-hit neighborhoods in South DeKalb. And based on what I've observed in the market there over the past year, reassessments are about what I expected. I reviewed a dozen or more reassessments in or near Zip Code 30035 yesterday, and computed an overall drop of 40 percent for the small sample. But this is an area where most buyers seem to be investors who are looking for rock-bottom cash deals. It's not in-town Decatur or Dunwoody.

It's kind of scary seeing houses assessed at $150,000 or more just four or five years ago now being assessed at levels closer to $25,000. Can't blame the county for it. That's how far the market's crashed. And we can't even say for sure the bottom's in.

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