We interrupt this series for an important announcement…
I am working on a series about a way to speed the recovery but I want to interrupt that thought to get some very time sensitive info to you right now.
This is about property taxes and you need to read this NOW if you think your assessed value is too high. You could be stuck with it for another year if you don’t act RIGHT NOW. I have borrowed the text below from John Adams and you can link back to his article if you click here but to read the info, just keep going.
It mentions a form PT50-R that you need to file and I have included that form for you right here. Just download and print it out for yourself. If you need some help with the valuation of your property please give me a call or email me. I would love to help you save some money. Remember, if you do nothing you will be stuck with the tax rate you paid in 2010 for 2011 and that just might be a big chunk of money you could save and it will be even bigger once the millage rates go up.
The content of John’s article is below if you want to keep reading or just head over to his website for more info.
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Time is running out and money may be slipping right through your fingers.
If you own real estate in Georgia, you need to know that there are new laws governing your annual property tax. But unless you act by April 1st, you may be giving up your right to a fair assessment. Here are the facts in a nutshell:
1. Georgia law now requires every county in Georgia to accept until April 1st a Property Tax Return (form PT50-R) in which you can declare your estimate of your property’s market value as it existed on January 1, 2011. Filing this form is easy and requires the county tax assessor to re-examine your home’s value for tax purposes, and either agree with your estimate or not.
2. Your home’s value is a function of recent sales of comparable homes near yours, and that includes bank foreclosure resales. A recent study by the Atlanta Journal-Constitution revealed widespread over-valuation by Georgia counties and municipalities. This was caused largely by the steep decline in sales prices brought on by our lingering recession and distress sales by lenders.
3. That means there is a very good chance that your home’s assessed value for tax purposes is too high, meaning that you will be paying more than your fair share of property tax this year. If that’s OK with you, read no further. But if you’re like me, I don’t want to pay one penny more than the law requires. Act now while there is still time.
4. Know that your deadline for filing your Property Tax Return is Friday, April 1, 2011. Any return postmarked or delivered that day must be accepted. No extensions of time will be granted. Also, know that tax commissioner offices will be flooded with owners like you who have waited to the last minute, so there is a more than average chance that your return will be lost or mishandled. So send it certified mail, return receipt requested, or hand-deliver it and get a receipt and the name and signature of the person accepting your return.
5. Remember that a record number of property owners will likely file for (and receive) a reduction in their assessment. So if you are overvalued now, and do nothing, your tax bill will probably go up when the county raises its millage rate. The only alternative might be for local governments to cut spending in a major way, and that seems unlikely.
The more valuable your real estate is, the more important it is for your assessment to be corrected. And filing the form costs you nothing. But time is running out.
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Thanks for listening and remember to email or call me if you need some help.
Jerry Robertson
678-231-1578 Cell
Thanks or the heads up