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Property Tax Returns Due March 1 in Four Metro Counties - 2010-02-07 |
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PROPERTY TAX RETURNS DUE MARCH 1 IN FOUR METRO COUNTIES
If you own real estate in DeKalb, Gwinnett, Hall or Newton counties, you have only until March 1 to file a property tax return with your county tax assessor's office asking that your property value be lowered for 2010. Most other Georgia counties allow until April 1 to file. After that, your county assumes you agree that your property is worth what they currently say it's worth, and your tax bill will be calculated based on that valuation.
The only problem with that assumption is that literally tens of thousands of owners have seen their property values go down in recent months, but their local governments have failed to reflect that decrease in value. As a result, you can easily end up paying more property tax than you rightfully owe.
The process of asking your county tax assessor to review your valuation begins with the filing of a single page form, PT-50R, the Georgia "Taxpayer's Return of Real Property." This form requires you to find out what the county currently thinks your property is worth, then you must state what you think the correct value should be. My advice: guess low.
The form is available for download on my money99.com website. Obtain your parcel info and previous year's value by calling your tax assessor's office. Then, in Section C, you will need to estimate the value of your property as of January 1, 2010.
The county is not required to ask you if you wish to lower your estimate of value unless they are proposing an increase. And most Georgia counties are content to let the current values stay as they are.
That's fine if your property value has held up well over the past two years, but many neighborhoods have seen significant declines in market value. And if that is the case in your community, or if you believe values have declined for your property generally, now is the time to file a return.
Estimating value is a tricky business at best, and requires detailed information about recent sales in your area. Real estate professionals have access to this info, but may charge a fee for a "broker's price opinion." A formal appraisal is likely to cost substantially more. But the more facts and comparable sales info you have when you make your return, the greater the likelihood that your assessment will be lowered.
In any case, there is no charge for estimating low, and it preserves your right to present your case to both the tax assessor and the board of equalization. Typically, one in three requests to lower the value results in some relief from the county. And once lowered, your assessment is likely to stay put for three years.
Next week, we'll look at ways to gather evidence of fair market value.
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"EPA CERTIFIED RENOVATOR" TRAINING
Do You Work with Real Estate? You Must Be LEAD SAFE CERTIFIED as of April 22nd.
To all owners, realtors, investors, property managers, contractors, electricians, plumbers and painters. Do you ever engage in any level of renovation? If so, read this:
Any renovator, from owners to contractors, from plumbers to electricians to painters, who disturbs lead paint while working in a pre-1978 home, school or day care center, now must be Lead-Safe Certified. If you’re not, you can face tens of thousands of dollars in fines. Plus, you put the health of yourself, your workers and your customers at risk, which could result in lawsuits. One simple 8 hour class certifies you for five years. It’s that easy.
Since April 22, 2010, there are new Federal rules regarding how you perform any work that disturbs lead-based paint in homes, child-care facilities and schools built before 1978. You now must be EPA certified and follow specific work practices to prevent lead contamination.
Failure to follow the new rules can result in federal fines of up to $32,500 per day or up to 5 years in federal prison, or both. Don’t take a chance - it’s not worth it.
How To Become an EPA Certified Renovator:
In just one day, John Adams will teach you how to meet all EPA requirements and become an “EPA Certified Renovator.”
Don’t wait - register now! Click on “Seminars” and choose your day!
- Friday, September 10th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
Total Course Cost: $295, includes exam and EPA-HUD 400 page manual
Space is limited to 20 participants.
Training services provided by Seagull Environmental Management Co, Inc.
Courses are approved for purposed of certification under Section 402 of TSCA for the Certified Renovator.
This course has been approved by the Georgia Real Estate Commission for 7 hours of Real Estate Continuing Education
For more information, call toll-free 888-373-0029
Click above on the "Seminars" button to register
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