Are You Paying Too Much in Property Taxes?

Did you buy a home in 2011? If so and you live in Fulton County, you should have received your notice of assessment. Check it carefully, because under a new law, “your sales price is the maximum value that the county can appraise your home for tax purposes for 2012,” says John Clark.

Clark is an Ormewood Park resident, Red Robin client and property tax attorney who we have asked to give us further explanation and advice on this matter.

Many people may not be aware of this change in law and could be overpaying in taxes because of it. Here’s what Clark has to say:

“If you purchased a house in 2011, remember that your sales price is the maximum value that the county can appraise your home for tax purposes for 2012.  This is due to a new law enacted last year which states, ‘the transaction amount of the most recent arm’s length, bona fide sale in any year shall be the maximum allowable fair market value for the next taxable year.’ The law is found at O.C.G.A. § 48-5-2(3). 

Carefully check your 2012 notice of assessment to make sure the county does not have a higher value [placed on your property] than what you paid in 2011. Sometimes the county records are not updated to show your purchase price, which can lead to your assessment being higher this year than the sales price last year.  If this is the case, you need to file an appeal with the board of tax assessors in your county.

Fulton County notices of assessment have been mailed, and in most cases you have until June 28, 2012 to appeal. Check your notice to be sure of the filing deadline. All other counties will be sending notices of assessment prior to July 1, 2012, so be on the lookout for them if you have not yet received it by mail.”

Clark also recommends, “If you purchased your home in 2012, make sure to take advantage of this law next year.”

One of the most daunting aspects of buying a new home is the finances, and we all know that taxes can be convoluted and difficult to understand. A big thanks to John Clark for the alert and additional insight on this topic, and if you have any property tax questions, feel free to contact him at 404-760-0070 or jclark@clarkcaskey.com.

posted: Jun 1, 2012 | No Responses

Posted by:  Wakamo & Associates

Melissa Wakamo and her dynamic team of agents and support staff provide buyer and seller clients with exceptional service and proven results. Since the start of her real estate career in 2004, Melissa has proven to be a true advocate for her clients and has consistently performed in the top 1% of agents

“When I started my real estate career, I wanted to work in my local community and get to know my neighbors. Now, I realize how important that local expertise is to our clients. At Red Robin REALTORS®, all of our agents are specialists in working with buyers and sellers in Atlanta’s intown neighborhoods.”

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