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Property Tax Returns Due March 1 in Four Metro Counties - 2010-02-07
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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with John Adams
Tuesday, February 28th

Being a landlord can be a rewarding experience. It can also be a difficult one if you don't have the knowledge and understanding of what the process requires.

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PROPERTY TAX REDUCTION WORKSHOP
with John Adams
Tuesday, March 27th

One of the significant annual expenses faced by any Georgia property owner is ad valorem property tax. Depending on where you live, it can be as high as three percent of the property's fair market value, and it must be paid year after year after year.

As a result, efforts to minimize this expense are not only worthwhile, they are encouraged by Georgia law. The phrase "ad valorem" means that each property is taxed based only on its value, and no one is required to pay a penny more than the minimum the law demands.

At the Property Tax Reduction Workshop, real estate expert John Adams will review the system he has used for over thirty years to reduce valuations and assessments in Georgia counties and municipalities, saving himself literally hundreds of thousands of dollars over the years.

In this 3 hour information packed seminar, John will teach you how to:

1. Understand the legal process of Property Tax Assessment
2. Meet the newly uniform Tax Deadlines
3. File your own Property Tax Return with a realistic valuation
4. Document your PT-50R with facts to support your case
5. Proactively meet with your Appraiser to reach an agreement
6. Protest your Notice of Assessment in an Intelligent manner
7. Give the Assessor an Opportunity to Save Face
8. Appeal to your Board of Equalization, in person or by mail
9. Make Your Case to the BOE
10. Take Your Case to Superior Court if necessary

If you are not doing all these steps now, you are likely costing yourself hundreds or thousands of dollars a year. If you own just one house, you could easily save over a thousand dollars over the next three years. If you own properties valued collectively over a million dollars, you are literally throwing away your profits year after year.

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