Why did a penthouse that sold for $87 million have a tax value of only $3.8 million?

Georgia does not assess property the way that scenario describes, since assessed value here is calculated at 40 percent of fair market value rather than through a separate formula that can pull a tax value far below the sale price. A gap that large points to an assessment method used in another jurisdiction, not the approach your county tax commissioner applies in North Metro Atlanta. Joel Boss can explain how a specific property's assessment compares to its likely sale price.