Property Tax Law Changes in Georgia for 2015 by John Adams

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Prudence Wilkinson
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1 Notes for John Adams Webinar: Property Tax Law Changes in Georgia for 2015 by John Adams NOTICE This program provides information about property taxes designed to help property owners safely cope with their own legal needs. But legal information is not the same as legal advice the application of law to an individual's specific circumstances. Although we go to great lengths to make sure our information is accurate & useful, we recommend you consult a lawyer and/or accountant if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation. Copyright 2015 by John Adams All Rights Reserved. Duplication (in any form) and/or distribution (by any means) strictly prohibited. Money99.com Property Tax Reduction Workshop Tuesday, January 20, 7-10pm Marriott Century Center, Atlanta $99 per person while seats are available 1. Ad Valorem Taxation 2. The Property Tax Return 3. The Notice of Assessment 4. The Board of Equalization 5. Appeal to Superior Court

Although we go to great lengths to make sure our information is accurate & useful, we recommend you consult a lawyer and/or accountant if you want professional assurance that our information, and

2 OUR WEBINAR NOTES: THREE Chances to Swing Your Bat The Property Tax Return The Notice of Assessment The Board of Equalization Georgia Property Tax Law Property Tax Return Due April 01 May get a Reduction Notice of Assessment May or June Appeal within 45 days of mailing May get a Reduction If yes, you can Appeal w/in 30 days Appeal to Board of Equalization Appeal to SUPERIOR COURT Fair Market Value Fair market value (FMV) is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market. The QUESTION? What was FMV on January 1, 2015? An Illustration YOUR HOME AS SEEN BY: YOU YOUR BUYER Your Lender Your Appraiser The TAX ASSESSOR So WHAT does GOVT do? When the Recession hits RAISE THE MILLAGE RATE If you are Over Assessed, you are paying MORE than your SHARE! How Can WE Fight Them? PROVE through COMPARABLE SALES that our property was not worth what they CLAIM it was worth on January 1. What s COMPARABLE? PROXIMITY AGE & STYLE BR/Bath Count

Market Value Fair market value (FMV) is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing,

3 Square Footage ALL parcels are to receive a notice annually Annual notice to include estimate of taxes ALL counties to close books April 1 ALL notices to be mailed by July 1 ALL counties 45 days to appeal mandatory notice of value State wide uniform notice of value form State wide form for filing a return A statement on NOA that all records and data used to determine assessment are available at the assessor s office for inspection Property Record Card General Overview Data Drives County s Value County Data vs. Appraiser Data Errors Common If property is purchased after January 1st and prior to last day to file, new owner has appeal rights & may file a return of value. If a property is purchased during prior tax year, that price is set as value as of January 1st. Old 21 day letter now 30 BOE must render decision at conclusion of hearing New Path for appeal process Any type of recording of BOE hearing is allowed New definition of Arm s length, bona fide sale INCLUDES a distress sale, short sale, bank resales, or voluntary sale at public auction Excludes any sale under power at the steps, ie FORECLOSURES Fair Market Value: Amount paid by a knowledgeable buyer and accepted by a willing seller for a property at an arm s length, bona fide sale (compare to URAR) The Income Approach to Value shall be considered in determining the Fair Market Value Georgia PT 50R Just fill in the blanks County may have their own form. Use it if possible. County must accept PT 50R A cover letter is a good idea

the assessor s office for inspection Property Record Card General Overview Data Drives County s Value County Data vs.

4 Photos never hurt Postmarked by April 1st ACTION STEP File PT 50R early, then call and set appointment w/ your appraiser Ask him to show you all the data he is using to estimate your valuation Then use that data to build your case Finally, offer to settle based on your COMPARABLE SALES DATA NOTICE of ASSESSMENT Typically mailed in MAY or JUNE Gwinnett mailed April 05!!! Subject to delivery problems Establishes your APPEAL DEADLINE BOA not responsible for notice 45 day deadline is FINAL NO EXCEPTIONS GA form PT311 A Appeal of the amout on the Notice of Assessment. Find out your DUE DATE Get proof that your APPEAL was received Types of Appeals Market Value Appeals Uniformity Appeals Taxability Appeals Market Value Appeal The prop will not sell for the assessed value. Market Value Trend hurts Foreclosures help Errors: The Property Record Card FIND a reason, prove your case Comparable Sales only!! What s COMPARABLE? PROXIMITY AGE & STYLE BR/Bath Count Square Footage Date of Sale ACTION STEP FILE YOUR APPEAL! After You File Appeal

!! Subject to delivery problems Establishes your APPEAL DEADLINE BOA not responsible for notice 45 day deadline is FINAL NO EXCEPTIONS GA form PT311 A Appeal of the amout on the Notice of Assessment.

5 Time to Gather Data Time to Meet w Appraiser Time to Negotiate Time for Site Visit Time for Appraisal Time to Withdraw After You Appeal NOA You can meet with APPRAISER & offer to make your case & settle if you wish. The Board of Equalization Tax REDUCTION Firms They Prepare Your Data They Prepare Your PT311A Supply You with a VALUE PACKAGE They May Even go to BOE $100 $300 upfront + 25% of first yr savings!!! COMPARABLE SALE Method Most used & accepted What have similar properties sold for recently? Dates are OBJECTIVE Adjustments are SUBJECTIVE REPLACEMENT Method Cost to replace after deducting accrued depreciation? (w&t,o) Reproduce vs Replace Less reliable with older constr. Best for special use properties INCOME Method Converts Cash Flow into PV Varies Inversely w/ Interest Rate Environment Capitalization Rate Ga Law REQUIRES Estimate VALUE Three Recent Sales During 2014 ** Effective Age of House Square Footage BR/Bath Count

The Board of Equalization Tax REDUCTION Firms They Prepare Your Data They Prepare Your PT311A Supply You with a VALUE PACKAGE They May Even go to BOE $100 $300 upfront + 25% of first yr savings!

6 Distance from Subject During the BOE Meeting RELAX & Smile Three Normal Citizens Nothing BAD Can Happen Thank the Board & Appraiser Bring 4 sets of handouts Pictures are helpful as proof An appraisal is GOLD SAVINGS TIMES THREE Unless there is a sale or you make improvements, your protested value will likely remain in place for the next two tax years.* ACTION STEP APPEAL YOUR NOTICE OF ASSESSMENT WITHIN 45 DAY of Mailing Date Part Five APPEAL TO SUPERIOR COURT Will You Need An Attorney? Never let the fear of striking out get in your way! YOU ARE PAYING TOO MUCH IN PROPERTY TAXES! ###

value will likely remain in place for the next two tax years.

7 Property Tax Reduction Workshop Tuesday Jan 20, 7pm 10pm Marriott Century Center Hotel Clairmont Road just North of I 85 Your Investment: $99 per person includes complete manual and all needed forms and documents. SATISFACTION GUARANTEED. Register at Money99.com. Topics Covered in depth: 1. Ad Valorem Taxation 2. The Property Tax Return 3. The Notice of Assessment 4. The Board of Equalization 5. Appeal to Superior Court

documents. SATISFACTION GUARANTEED. Register at Money99.com. Topics Covered in depth: 1.

Frequently Asked Questions

Frequently Asked Questions 1. What type of appeals may be brought before the Board? 2. How can I appeal the assessed value of my property and what is the petition process? 3. Who may file an appeal? 4.