Time running out for chance to lower property tax assessment - Fox 2 News Headlines

Time running out for chance to lower property tax assessment

Posted: Updated:
ATLANTA -

Property owners take heed! You have only until April 1 to file your Georgia Property Tax Return, or you lose your initial opportunity to lower your property tax assessment. Financial expert John Adams stopped by Good Day Atlanta with information on what you need to do to pay your fair share!

Information:

Download a free Taxpayer Survival Guide at http://www.money99.com

Here are the steps you must take by MONDAY APRIL 1 to lower your valuation for 2013:

1.  First, you will need a blank copy of the PT50-R Property Tax Return Form.  You can download the state form from my website at Money99.com. That form is provided by the Georgia Department of Revenue and is acceptable in all counties in Georgia.

2.  Next, you will need to estimate what your home might have sold for on the first day of this year.

That means you need to gather the sale values of similar homes which sold during 2012, but not any which sold after the first day of January.  My advice is to hire a real estate professional to assist you in this research, because they do this type of activity all the time.

They call it a Competitive Market Analysis (or a CMA) because it compares your home with others which have sold in a specific date range and in a specific locale. This process is not the same as an appraisal, but uses much of the same information during the analysis. Specifically, you want comparable sales data for calendar year 2012.

3. Next, you need to take color photos of all the homes listed on the CMA, and describe their features and locations in relation to your home, comparing the properties.  The closer in age, square footage, bedroom and bath count, condition, and location that the comparable home is, the more weight it should be given in estimating your home's value on New Years Day.

A.  Calculate the average "dollars per square foot" based on the selling price of homes which are most similar to yours. Then multiply that number times the square footage of your home to arrive at value.

B.  Don't forget to search vigorously for 2012 sales of bank-owned homes in your neighborhood. These sales are often quite low, and can help lower your value for tax purposes.

4.  Finally, fill out the PT-50R with the dollar amount you believe is fair for January 1, 2013. Choose a value that you can support.

Here's the key to the process: your deadline for filing this form is April 1, 2013, which is a Monday.  Deliver it in person or use certified mail. This is not the only chance you will have to protest your tax assessment this year, but this is the first opportunity you have to put your valuation into the stack for review.

  • Good Day ArchiveMore>>

  • Dine Out for Project Open Hand

    Dine Out for Project Open Hand

    Wednesday, April 23 2014 9:39 AM EDT2014-04-23 13:39:13 GMT
    Head out to the a participating restaurant to celebrate the 22nd anniversary of Dining Out For Life.
    Head out to the a participating restaurant to celebrate the 22nd anniversary of Dining Out For Life.
  • Fox 5 I-Team

    Cheap vs. Frugal

    Cheap vs. Frugal

    Wednesday, April 23 2014 9:15 AM EDT2014-04-23 13:15:25 GMT
    There is nothing wrong with saving a buck, but can you cross the line? There is a difference between being cheap and being frugal.
    There is nothing wrong with saving a buck, but can you cross the line? There is a difference between being cheap and being frugal.
  • Mountain Festival Brings Music, Dancing To Dahlonega Square

    Mountain Festival Brings Music, Dancing To Dahlonega Square

    Wednesday, April 23 2014 9:08 AM EDT2014-04-23 13:08:13 GMT
    The North Georgia town of Dahlonega is best-known for its gold. But this weekend, music will bring more than 50,000 people to the historic town square.
    The North Georgia town of Dahlonega is best-known for its gold. But this weekend, music will bring more than 50,000 people to the historic town square.
Powered by WorldNow

WJBK-TV | Fox 2
16550 West Nine Mile Rd.
Southfield, MI 48075

Main Station: (248) 557-2000
Newsroom: (248) 552-5103

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices