by Patrick Anderson
In a time when property values are dropping like never before, it may be shocking to learn that the tax assessor can easily pin you with last year's value and, unless you take action before April 1, you will have no right to appeal.
The Georgia tax code requires that property owners file Form PT-50R Property Tax Return every year. Surprised? Most people have never filed one. No problem, though ... the code also provides that if you don't file PT-50R, you are deemed to have filed at the same value as the last year. That's usually OK since property values historically increase from one year to the next.
However, in a declining real estate market, you SHOULD file Form PT-50R. If you don't, you are telling the county that you believe your value is the same as the prior year. The Tax Appraiser is not likely to disagree in this instance, especially if they are overworked and understaffed. AND unless they change your value, you have no right to appeal.
Remember, by not filing PT-50R, you have told them that you believe this year's value is the same as last year's.
Filing Form PT-50R forces the Tax Appraisal Office to look at your fair market value. If they agree with the value you put on your return, great! You've saved money. If they disagree with the value you put on Form PT-50-R, they will send you an assessment letter with a different value. THAT is what triggers your appeal right.
Most property owners don't know have a clue about this little intricacy of our property tax code. And as such, many are in jeopardy of getting saddled with last year's tax value and no appeal rights, unless they take action before April 1.
WHAT TO DO
If you believe your value has decreased since January 1, 2008, and if you are not otherwise protected by homestead exemption, you may wish to file a 2009 Property Tax Return before the April 1 deadline. You can download Form PT-50R from the Georgia Department of Revenue website at http://www.etax.dor.ga.gov/ptd/adm/forms/pt.aspx
You can obtain further information on property tax matters from your accountant, or by contacting Patrick Anderson & Associates, Inc. The firm specializes in property tax strategy and represents many local and out of town owners in Glynn County property tax appeals.
Saturday, February 7, 2009
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2 comments:
Thanks for a very informative article. In the current state of the economy, homeowners need all of the help they can get. Getting property tax reductions could be a significant aid in getting through the tough times when rentals are down, too. I find that everyone who wants to rent is looking for a bargain, just like those people who are looking to buy.
That makes sense as I expect local visitor traffic will be down this year. If you're not already, I would make sure you are advertising your rental on www.VRBO.com and perhaps www.homeaway.com as well. These are powerful vacation rental sites.
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