DeKalb's slashing falls short
By Ty Tagami
If the real estate market crashed in metro Atlanta last year, it crashed and burned in south DeKalb County.
Neighborhoods around Lithonia and Stone Mountain lost hundreds of millions of dollars in value. DeKalb tax assessors, trying to follow the market as it fell, cut valuations by 20 percent and more in 2009. But an Atlanta Journal-Constitution analysis of tax appraisals vs. actual sales shows that, for tens of thousands of south DeKalb residents, even those reductions may not have been enough.
ZIP code 30032 near Columbia Drive and Glenwood Road, for example, was reappraised downward by a total of $287 million. The median decline in tax appraisals was 21 percent, but sales data show that the median price fell by nearly half. This suggests that tax valuations could have been cut even more, and that some homeowners are paying tax on values their property no longer holds. Spotted here