The years of the Great Recession took a toll on property values throughout Fayette County. After a meager 1 percent increase last year, the real property digest increased 10 percent in 2015.
A view of Fayette by the Fayette County Tax Assessor’s Office shows real property across the county increasing 10.02 percent in value for 2015. Values were up in all property categories and across all municipalities and the unincorporated areas. Those categories include residential, agricultural, commercial and industrial properties.
Fayette County Tax Commissioner George Wingo on Tuesday said most people will see some amount of increase in their property values. Whether taxes are increased for 20105 depends on the county’s tax-levying authorities and their decisions later this summer, Wingo said.
Chief Appraiser Joel Benton said the valuation increases were done based on bona fide arm’s length transactions (valid sales) of comparable properties.
Taken as a whole, Fayette County’s real property value increased 10.02 percent. That figure includes a 9.8 percent increase in residential property, a 7.4 percent increase in agricultural property, an 11.73 percent increase in commercial and an 11.56 percent increase in industrial.
All totaled, Fayette’s real property value for 2015 is listed at $4.392 billion. That compares to $3.952 billion in 2014.
In the county’s largest city, Peachtree City showed an overall 9.73 percent increase in values.
Residential properties increased in value by 8.5 percent, agricultural by 6.17 percent, commercial properties by 14.79 percent and industrial properties by 11.45 percent.
The combined real property value in Peachtree City for 2015 is $1.652 billion. That compares to the $1.491 billion figure in 2014.
In Fayetteville, the real property total increased by 10 percent this year.
Residential saw a 10.5 percent increase in value while agricultural land increased by 3.87 percent. Commercial property increased 8.95 percent and industrial saw a rise of 19.19 percent.
Real property values in Tyrone increased 13.15 percent in 2015.
Residential values jumped 13.15 percent while agricultural values increased by 19.17 percent. Rounding out the categories, commercial property increased by 14.18 percent and industrial property saw a 9.7 percent increase.
In Brooks, the value of all real property rose by 7.95 percent.
Residential property values increased 8.45 percent while agricultural saw an 8.11 percent jump. Commercial property experienced a 4.97 percent increase while industrial property values rose by 7.94 percent.
And in unincorporated Fayette County, real property values across all categories rose by 9.76 percent.
Residential values increased 10.17 percent and agricultural showed a 6.92 percent jump. Commercial property values increased 9.33 percent and industrial values rose 9.59 percent.
The complete tax digest will not be available until later in the summer and will include property and other categories such as personal property and motor vehicles.
While the Great Recession ended officially years ago, the reality is that property values in Fayette County took a sharp dive that resulted in a 20 percent drop in value countywide. It was only in 2013 that property value stopped falling and began to climb incrementally in the other direction.
The value of all property in Fayette County increased 1.022 percent in 2014 and barely broke even in 2013.
