I hosted a one-hour workshop last week on property tax reduction, and my guest was appraiser Stan Anderson. As a former employee of the Fulton County Tax Assessors Office, he is uniquely qualified to speak to the issue. His advice: file your Georgia property tax return by certified mail before the April 1 deadline.
Here are some of the questions we fielded:
Q: Why should I file a property tax return now?
A: Many homes in Georgia have lost significant value over the past several years due to the recession. Add to that the tidal wave of foreclosures many neighborhoods have seen, and you have a recipe for a much lower assessed valuation for tax purposes.
Q: Is there any other compelling reason?
A: Yes. Since your county will likely see its tax digest go down this year, it will be forced to raise the millage rate to compensate. So getting your valuation lowered now may result in no major change in your tax. But ignoring the true value will surely cause you a substantial increase.
Q: How do I go about filing a return?
A: Begin by calling your county tax assessor's office now while it still has time to assist you. Make an appointment to go in and ask to see your property record card. That document is the official listing of what the county believes exists at your property. Check it carefully for accuracy, as the records are often wrong. Also, ask the assessor what comparable sales are being used to compare with your home for your 2011 valuation. Finally, request a property tax return form and ask any questions you may have about filling it out. You can obtain the Form PT-50R on my website at money99.com.
Q: Any other advice on getting my assessment lowered?
A: Plenty. First, be friendly and not hostile. These people are just doing their job, not persecuting you. Next, do your homework before you send in your return. Attach a cover letter explaining that you do not believe your home could have sold for X dollars (last year's valuation) and that you believe a range of Y to Z is a more accurate value for this year. Include a list of 2010 home sales that you believe support your estimate and include photos if possible, but don't overdo it. Finally, file it in the next few weeks by certified mail and get a "proof of mailing" receipt from the post office. The sooner you do this the better.
You can view the live workshop on my website at Money99.com as well as download a copy of the required PT-50R form to get started. Also, I have answered additional questions there as well as provided other resources for the homeowner. The statewide April 1 deadline is set in stone.
John Adams is an author, broadcaster and investor. He answers real estate questions at noon on Saturdays on WGKA (920 AM).
For more real estate information or to make a comment, visit www.money99.com.
