The Marietta Daily Journal – Cobb property taxes due by October 15

Property tax bills in Cobb are due by Oct. 15, and according to the Cobb County Tax Commissioner’s Office, the county is expecting to collect about $18.7 million less in property taxes in 2013.

The office sent out 255,486 bills Aug. 14-15, totaling $582 million in personal property and real property tax collections for seven different taxing authorities — state, county general fund, county bond, county fire, Cobb schools, the Cumberland Community Improvement District and Town Center CID.

Revenue collected for these entities helps pay for services provided by each, such as 911, libraries, parks and school maintenance and operations. Federal and state taxes are collected at a separate time and are due April 15 of each year.

A tax on “real property” applies to residential and commercial real estate while the tax on “personal property” applies to business property assets like inventory.

Aside from property taxes, the tax commissioner’s office also collects public utilities, mobile homes, heavy duty, motor vehicle and timber ad valorem taxes under the digest.

The property values are set by the Cobb County Tax Assessor’s Office. Chief Appraiser Stephen White said his office arrives at the fair market value by determining what a property should sell for on the real estate market. The county then applies its millage rate to the “assessed value,” which is 40 percent of the fair market value. State law requires counties to have the property values set by Jan. 1 each year.

via The Marietta Daily Journal – Cobb property taxes due by October 15.