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Metro Office Buildings Face Heavier Tax Burden

ATLANTA-JLL says some properties will see double or triple hits after first major assessment in 15 years.

By Carl Cronan | Updated on May 23, 2008

ATLANTA-Some of Fulton County’s largest office buildings are facing double and triple property tax bills this year, according to an analysis by Jones Lang LaSalle. The hikes are the result of the first major revaluation in 15 years of commercial properties in the county’s 14 municipalities.

“There hasn’t been a consistent reassessment process in the Fulton County tax assessor’s office,” Rob Metcalf, managing director of JLL’s Atlanta office, tells GlobeSt.com. “Some properties haven’t been revalued in the last ten years or so. There’s a huge discrepancy in the last valuation that occurred.”

Many of the estimated property tax increases appear somewhat normal for the city’s landmark buildings such as Bank of America Plaza in Downtown Atlanta, which faces 18% higher taxes of $6.7 million this year compared to what it paid for 2007, according to JLL figures. Other trophy assets with big tax bills include Midtown’s One Atlantic Center at $4.2 million, up 30%, and Downtown’s 191 Peachtree at $2.5 million, up 73%.

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