Property Tax Increase

[venusvp]

What is the name of your state?What is the name of your state? Georgia

We have purchased property as of this year on July 15. Last years tax was approximately 28,000 and we have received this years statement for about $4o,ooo. We understand that we bill this back to our tenants, but my question is- Is there anything that we can do in order to lower the property taxes through the county or any other way?
Thank you.

 

[seniorjudge]

Q: Is there anything that we can do in order to lower the property taxes through the county or any other way?

A: Yes, one way is to run for the state legislature, get elected, then work to change the tax laws.

 

[PghREA]

File a tax appeal with the county property tax office.

 

[dallas702]

When you go in to file the appeal I'm sure the good people behind the desk will tell you about all the abatement or relief programs they have for lucky landowners like you. Right!

 

[efflandt]

Property taxes are one thing many people probably overlook about real estate froth. If the property had not been reassessed lately and you paid 25-30% more for the property than previous owner, assessment and taxes are sure to follow.

For example I bought a home in 2002 and by the time 2003 tax was due in 2004, the assessment reflected what I paid for the home.

To tell if it is properly assessed, you have to know if they assess it at fair market value or a percentage of that (for example IL assesses at 1/3rd value). Compare that with your purchase price and similar sales in the area.

 

[dallas702]

Property tax "revolts" are happening all over the country with various levels of relief. Most states have relief programs for certain classes of people (which is probably unconstitutional at the very least). Your problem however, may be in the amount of income you must be producing to buy a property that is assessed that much in property taxes. $28-40,000 in property taxes suggests a very valuable piece of property, which suggests a fairly large income or asset base to make that purchase. Unfortunately for you, most abatement or relief programs are for people well below that level.