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 by: Melissa Wakamo
"My goal when I started my real estate career nearly a decade ago was to focus on my immediate area and get to know my neighbors. I’ve had a lot of fun helping my neighbors sell their homes and helping newcomers become a part of our community. So wherever our clients are selling or buying today, I’m committed to knowing what’s around them, as I believe community is just as much a part of a home as the house."
A long-time resident of Ormewood Park, Melissa has a strong track record of proven results in the southeast Atlanta area. Quickly becoming the number one agent in Ormewood Park and East Atlanta shortly after getting into real estate, today Melissa knows the intown Atlanta area like the back of her hand. In fact, she led Red Robin Group to the elite top 1% of agents in Metro Atlanta in 2009.
Melissa’s active participation in various neighborhood organizations and charitable efforts, as well as her involvement with the Atlanta Board of Realtors, helps keep her at the forefront of what’s going on in today’s real estate market. As the Broker, Principal and Listing Specialist for Red Robin Group, Melissa is focused on working with sellers to correctly price their homes, help get their homes ready for market, and negotiate the sale in order for sellers to receive the highest price possible for their homes.
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