GWINNETT COUNTY, Ga. — April Crews loves her family. She’s in the family business of financial advising, and she has family photos posted all over her office. Protecting and providing for her family can come at a cost, and keeping a roof over her family’s head has cost more and more each year.
“Our costs have gone absolutely through the roof,” Crews said. “Since 2017, when we purchased our home, our assessed property value has increased 85%. With that, the increase in property taxes and insurance has gone through the roof.”
According to Zillow, home values in Georgia have risen 4.5% over the last year. In Gwinnett County, where Crews works and lives, home values have risen 4.7%.
Home values help determine the amount one pays in property taxes. Crews said her property taxes have gone up about 17% every year over the last four years.
“We work with people every day who are on a fixed income, people who are retired,” Crews said. “We’re really trying to find strategies for people to cope with such significant increases and then couple with inflation concerns as well.”
This week, Gov. Brian Kemp signed HB 581, which would cap the yearly increase of a home’s value and put it on a par with the rate of inflation each year. Voters would need to sign off on the measure in November for it to take effect. If approved, it could save homeowners hundreds of dollars in property taxes.
“Schools, for example, that’s a part of where they receive their funding,” Crews said. “Municipalities rely on the funding from those property values, and those dollars are going to have to come from somewhere.”
Crews recommend homeowners do their research. There may be certain existing exemptions to save you money. Crews said shopping around for insurance rates could be beneficial, and if possible, a move to another area with lower property taxes could potentially save homeowners thousands of dollars.
“Every little bit counts, and it adds up, especially when we’re seeing these increases each and every year,” Crews said. “I do think the home value increases will slow down sooner rather than later, but you never know what’s going to happen in an election year.”