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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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Upcoming Events
REAL ESTATE INVESTORS INSTITUTE
3-Day Intensive
May 22, 23 & 24, 2010
This three day program presents a comprehensive program of wealth creation in residential real estate. Nine expert instructors cover all areas of investing. Day One is the nuts and bolts of the basics of finding and buying bargain properties, Day Two covers advanced topics such as the use of title holding trusts, etc. Day Three is spent actually viewing available properties and then making offers on those properties!. This is the most comprehensive course of its kind anywhere. Luncheon is included all days. Class size is limited to about 25 investors.
This course approved for 19 hours Continuing Education by the Georgia Real Estate Commission.
Location: Atlanta Realtor Center in Sandy Springs
Detailed information available via the "Seminars" button at the top of this page
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