The AJC reports that Gwinnett County has adjusted the assessed value of tens of thousands of residential properties downward:

The vast majority of the 120,000 residential property notices issued in the first batch will show an average value decrease of 17 percent or $35,000 of market value, Pruitt said. The sum of all decreases for residential property totals approximately $4.2 billion of market value.

As I explained in “Tax Digest Time Bomb,” the lower tax value may not necessarily translate into a lower tax bill. In fact, as a result of the 2009 tax increase that is being continued for 2010, you will probably pay a lot more than in previous years.

Gwinnett property owners may get good news  | ajc.com