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.
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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