FULTON COUNTY, Ga. — For the first time in years, the Fulton County Board of Assessors is stuck in a stalemate on whether or not to grant millions in property tax incentives for several major corporations.
“For the first time ever, the Board of Assessors has not been able to rubber stamp it. They haven’t got the votes,” fair property value advocate Julian Bene said.
Bene is applauding the Fulton County Board of Assessors for the 2:2 vote that stalled the approval of a $32 million tax incentive for a local data center being built at the Tilford Yard.
“If that $32 million was paid by that entity, there would be relief on the homeowners,” said Lee Morris, one of the two Fulton County Board of Assessors members who voted against the recent tax breaks.
Morris said the unfair tax assessments for so-called trophy properties are having a real-life impact.
“I’m paying taxes based on the full value of my property, and these large, sometimes international companies are getting this incredible tax break, and what it means obviously is that the burden is shifted more on the homeowners because if these were being appraised at their full market value, the millage rate could be reduced by the counties by the cities by the school boards and reduce the property taxes for the homeowners,” Morris added.
However, Bene said the problem is bigger than the most recent vote for the Tilford Yard incentive. He points to a recent study that showed almost 20 recent undervalued property sales, among them 725 Ponce De Leon, near Ponce City Market.
“They were paying $4,000 in taxes on a $300 million building, which is crazy because you and I, on a half-a-million dollar home, would be paying more than $4,000. Atlanta is losing out on a half a billion a year because these commercial trophies are not paying a fraction of what they should be,” Bene added.
To break to the 2:2 tie vote on the Tilford Yard incentive, the Board of Assessors will host a work session to discuss the issue in detail. A date has not yet been set for that work session.