Real Estate Blog for the Golden Isles of GA including St. Simons Island, Jekyll Island, Sea Island, and Brunswick, GA.

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February 2009

• Feb. 25, 2009 - Property Tax Evaluation Form for your Use

As we all know, property values are falling, even in our area. There is a little known method to keep your tax assessment in line with current values. The State of Georgia has a requirement that property owners file a Form PT-50R Property Tax Return every year, and your non-filing of that form is used as confirmation that you agree with the prior year's assessment. Most of us have never heard of this form (let alone filed it), because in an area of rising prices, we were usually happy with the lagging values. If you didn't file this form, the government deems that you are filing in acceptance with last year's value.

However, in a time of falling property values, you might want to consider this form to help reduce expenses if you feel that your property's assessed value is above actual market value. Filing this form forces the Tax Appraiser to review your property's fair market value. Once they review your value, they must send you an assessment letter if they disagree with what you think the value should be. That letter triggers your right to file an appeal, and since you can only file an appeal within a limited number of days from an assessment value letter, most of us have no avenue to appeal our inflated values unless we file this PT-50R to get the process started. Please be aware that if your property assessment is lower than actual market value, this may result in a tax increase, so only consider this if your assessed value is over market value.

This form MUST be filed by April 1! You can get a copy at http://www.etax.dor.ga.gov/ptd/adm/forms/pt50r/index.aspx

or drop by our office at 539 Ocean Blvd. , St. Simons Island , and pick up a blank form.

We at Beachcomber Properties are not CPA's nor are we tax advisors. However, we firmly believe that real estate is a good investment that can be a great investment if you use all of your expert advisors including your real estate professional, your attorney, your CPA, and your banker. If we can help in any way, just give us a call. We look forward to a long, prosperous working relationship in 2009 and into the future!

Sincerely,

Sally

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• Feb. 23, 2009 - Altamaha Riverkeepers have a mission to protect our Waterways

Our local Glynn County newspaper, The Brunswick News, recently ran a very interesting article about an organization working out of our neighboring McIntosh County, the Altamaha Riverkeeper. This article featured one of their CoastKeepers, Wendy Galan, and her reflections on her first year with the Riverkeepers. This group was founded to protect one of our most vital natural resources, the Altamaha River which is Georgia’s biggest river, including its tributaries the Ocmulgee, the Oconee and the Ohoopee. They monitor pollution throughout the waters and also land-based actions impacting the waterways and wetlands.

It appears that the State of GA has good environmental laws in place, but laws and policies are only as good as adherence to them. Unfortunately, many people feel that old saying “It is easier to get forgiveness than to get permission” is the order of the day. Of course, many actions of man are done out of ignorance to the chain reaction of what we do and how it can impact on down the line.

In this day of increasing environmental awareness, I’m thankful we have such a group working to protect our beautiful Golden Isles area for future generations. If you would care to read more about the Altamaha Riverkeepers, you may go to their website:

http://www.altamahariverkeeper.org/

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• Feb. 18, 2009 - Good News for the Investor!

In the recent months, investors were basically shunned by Fannie Mae in that the investor was unable to finance investment mortgages if the borrower already owned 3 other investment properties with a mortgage on them. But starting March 1^st, Fannie Mae will reverse their earlier decision and allow investors to own a total of 5 – 10 financed properties if they are eligible and meet their underwriting standards.

The basic criterion is:

No bankruptcy or foreclosure in the past 7 years and pristine repayment on other mortgages
Documentation of rental income for new mortgage property and revenue history on other investment properties owned
2 years of income tax returns
Applicants owning 4 or less properties will need 6 months of bank reserve to support the new purchase and 2 months reserve for the other investment properties they own. Borrowers owning 5-10 properties will need to show 6 months of reserves available for each property.

Certainly the requirements will fit only the most financially stable, but this loosening of investment monies may open the door for some with attractive long-term financing.

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