I thought you might be interested to know that as of yesterday, Governor Perdue signed House Bill 233 into law essentially freezing all property tax assessments in Georgia for 3 years. Effective January 1, 2009 through 2011, counties may not increase the value of any property, even when that property is sold, subject to a few exceptions:
1. Factual error or omission
2. Additions or improvements will be assessed and added to the current value
3. Property that is rezoned, subdivided or combined with other property
Also, a few counties will be excluded for the first year if they just completed or were in the process of completing a comprehensive county-wide revaluation of all properties.
The best part is that the bill specifically says properties may decrease in value. Essentially, this allows owners to appeal taxes with no fear of their valuation increasing as a result of the appeal. Basically, you get a free shot at an appeal.
If you are local and need help with figuring out the appeals process, drop me a line and I can point you in the right direction.
Thanks to RE Attorney Chip Brown, Affiliate Member of the Year Athens Area Association of Realtor for the above timely info. Always a good guy…
JP
