In a recent Gwinnett County government meeting, officials discussed the implications of property tax assessments and exemptions for homeowners and property owners. The key takeaway is that while the assessed value of rental and commercial properties may rise, homeowners benefiting from the value offset exemption (VOE) will not see an increase in their county government taxes if millage rates remain unchanged.

The meeting highlighted that nearly two-thirds of property tax revenue supports Gwinnett's highly regarded local school systems, with additional funds allocated to city governments for those residing within city limits. Property tax bills will reflect these various components, including school and city taxes, which are separate from county taxes.

The assessed value of properties is calculated based on 40% of the fair market value of the home and land. Homeowners can apply for exemptions, such as the regular homestead exemption, which can reduce their taxable property value. The VOE, available to homeowners who qualify for the regular exemption, stabilizes the assessed value for the county portion of the tax bill, protecting them from tax increases due to rising property values.

However, property owners without the VOE, particularly those with commercial or rental properties, will face higher taxes if their property values increase, even if the millage rates remain constant. The county's millage rate is set annually by the board of commissioners to ensure essential services are funded.

Officials encouraged residents to explore various exemptions, including those for seniors, disabled individuals, and military personnel, to potentially lower their tax burdens. Property tax bills are expected to be available in mid-August, with payments due by mid-October. For further information, residents can visit the Gwinnett County property tax website or contact the tax commissioner's office directly.