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Report: $3.3B lost in home value

Photo by Tori Boone

Photo by Tori Boone

LAWRENCEVILLE -- Ravaged by the housing crisis, about 100,000 of the county's residences have seen a decrease in value in 2011, averaging about 23 percent, county officials said.

Gwinnett's residential properties have lost $3.3 billion in value in the last year, a press release announcing the mailing of 256,000 residential notices Friday.

A new state law requires the government to send assessment notices to every property owner every year, instead of simply mailing a notice to properties reassessed on a three-year rotating basis. The new procedure opens the appeal process up to every property owner, who now has 45 days to file a notice.

The new law also marks assessments of bank sales and foreclosed homes at the value at which they were sold for the first year. That lowers the value of 6,483 properties by a total of $300 million, the release said.

At the beginning of the year, officials planned the county budget based on an 8.7 percent, or $1.32 billion, drop in the taxable value (40 percent of the assessed value) of homes and commercial properties. According to the release, those officials are "cautiously optimistic" that the numbers will be in line with the projection when appeals are complete.

Residential appeals are due before May 31 and may be submitted via U.S. mail or in person. Appeal information, interactive appeal forms and FAQs can be found on the Tax Assessor's website at www.gwinnett-assessor.com.

Questions can be directed to assessor@gwinnettcounty.com, by phone at 770-822-7200 or in person at the Gwinnett Justice and Administration Center in Lawrenceville.