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Final Chance to Protest High Property Taxes - 2010-02-21
FINAL CHANCE TO PROTEST HIGH PROPERTY TAXES

For the last couple of weeks, I have been advising you to consider protesting your property tax valuation. In many areas, county property tax assessments have failed to fall as home values dropped, and the only recourse you have is to file a protest. But this coming week may be your last chance for another year.

Property owners in DeKalb, Hall, Gwinnett and Newton have only until March 1 to request a reduction in property value for tax purposes. Most other Georgia counties allow owners until April 1 to file a "Taxpayers Return of Real Property." The one-page form you need is PT-50R, available for download at money99.com.

Taking action now is especially important for several reasons:

First, it appears now that many values in metro Atlanta hit bottom last fall. Only homes sold and closed prior to January first many be used as comparable sales, and that is exactly what you want. Those are the sales that you want to use as proof of your home's depressed value. A recovery in prices between now and next year may very well undermine your protest.

Second, as county and municipal governments continue to feel the pinch of increased demand for services and decreased revenues from sales taxes, they feel justified in raising the ad valorem tax on real estate. The truth is that the overall tax digest, the total value of all taxable real property in the county, may have shrunk. If your property is overvalued, you are, in effect, subsidizing your neighbors. I expect a record number of protests this year.

And finally, lowered valuations achieved as a result of a taxpayer protest typically remain in effect for three years after the year of change. While there is no law requiring this, it is common practice among tax assessors in Georgia. So if you can catch the bottom now, you may benefit for the next three years, even as the market recovers. And a recovery is already underway.

Remember that it costs you nothing to file a protest, and it only takes a few minutes to do. And you are not required to present your case now. There will be plenty of time for that later. It may be months before you hear back from the assessors office, and you can gather your market data then. But if you fail to protest now, you lose your opportunity for this tax year.

If the county denies your protest, you then appeal the decision to the board of equalization. That's a process we'll cover in a future column.

Statistically, you have a one-in-three chance of getting a reduction. My guess is that a far higher percentage will see success in gaining a drop in valuation this year.

 
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LANDLORD SURVIVAL TRAINING

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.

Few schools offer degrees in property management, so most landlords learn "on-the-job" through acquired knowledge and on-the-job experience, essentially re-inventing the wheel. This is an expensive and depressing way to learn anything.

Whether you're a full-time landlord or just getting ready to purchase your first rental property, whether you are a licensed Georgia real estate professional or an accidental landlord, this seminar will help you improve your property's value, increase your cash flow and decrease your expenses, from attracting (and retaining) good tenants to maintaining your property to understanding your rights and obligations under the law.

For more details and to register click HERE

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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