DO-

1. Pay attention to activity in your area.  Are people moving in or out of your neighborhood?  Are         there more/less  homes or businesses for rent?  Are for sale signs springing up around you, and if so, are the properties selling?

2.  Look at the details of your yearly assessment notice.  Every spring, property owners receive a Notice of Assessment.  This notice not only lists what the county values your property to be, but also shows if you have homestead exemption, and what your estimated taxes are for the year.  It is this notice that once sent, triggers the opening of the 45 day appeal window.

3.  If you haven’t had an appraisal done on your property, ask your insurance company if they will provide one.  Many insurance companies will order an appraisal at your request and not charge you for it, as it allows them to review the value and make suggestions regarding your insurance levels.  In many cases, people find that they aren’t carrying the correct amount.

4.  Go to your county tax commissioner’s website and look up your tax history.  Most counties will show ten years worth of records.  By doing this, you’ll see how your property is trending, both appraised value and tax-wise.

By doing these four things, you’ll be able to determine if the time is right to appeal your taxes and put some money back in your pocket.

Conversely, here are some of the don’ts:

DON’T-

1.  Many people think that they can’t do anything about taxes; that they just have to grin and bear it.  Don’t be a spectator when it comes to your property, be a player!  While you can’t fight the millage (tax) rate, you can fight the assessed value.  The assessed value multiplied by the millage rate is how much you pay in taxes.

2.  Don’t put your property on the market if it’s currently under appeal.  This is the number one way to kill your appeal!  Telling the county your property is worth less than they value it, and then trying to sell it for more than the current appraised value is a big mistake.  Not only will the county look up your property to see if it’s listed, they can fight to raise your value before the board of equalization using your listing price against you.

3.  Don’t make any changes to your deed without re-applying for Homestead exemption.  Any deed change you make will nullify your exemption, so you don’t wait to re-apply. The Homestead window runs from Jan 1- April 1.  Missing a year of homestead exemption can cost a homeowner close to $1000.

As always, if you are unsure about your particular course of action, you can call on us for guidance.  We’ll be happy to steer you in the right direction.

Back in 2010, the finance world was just getting into the idea of bundling up liens and trading them for profit. That might be well and good for Wall Street, but for property owners, it could mean extra legal fees and finance charges on the debt.

That gets costly for commercial property owners, and it can be avoided if the owner has all the right information and a good advocate to help keep the lien managed. Commercial real estate debt is enough to manage on its own–why add third party fees to the equation?

A homeowner qualifies for the exemption if they have owned the house and the land under it since Jan. 1 of the taxable year. To qualify, you must occupy the home and the home must be considered a legal residence.

Many people don’t even realize they don’t have the Homestead Exemption when they look over their tax forms. This is an error that, if caught quickly, can be easily fixed. Here’s the catch: you won’t know to fix it if you don’t go down and check municipal records. Who’s doing that for you?

Understandably, my clients want to know how long the process will take. And that all depends on what we’re dealing with. When the tax forms are mailed out, you have 45 days to appeal. But from there, it gets more complicated. What will your process look like? Having that information ahead of time will help you be prepared to make the appeal that is advantageous to you.

The Georgia Department of Revenue details its appeals process here. Going over this information is time consuming, but a good investment if it means you can get your property taxes straightened out.

That’s why I’ve spent the last five years moving into this side of the business. I’ve worked on every step of the process of real estate management, but this one is where my clients need me the most.

It’s only January, but if you own property, you’ll be receiving your reminder notices this month. April 1 is the Georgia deadline for several tax issues. Do you have the information you need to properly claim the property you own? Getting that information will be essential to keeping you out of the hot waters of tax trouble.

Having the right information is essential to the owners of residential and commercial properties. And the right information isn’t easy to get. Even the task of finding out what records your municipality is keeping on your property is time-consuming and confusing. Just think: on top of all the other things you’re doing to manage your life or business, you’ll have to go downtown, find a parking space, wait in line, and ask for the records the municipality is keeping. And even that won’t be enough. How will you know the right amount of a reduction in taxes to ask for if you don’t have comparable information on properties in your zip code?

In these tough financial times, it can be difficult even to find the time to gather this information. But getting it–whether you’re asking me to do it for you or doing it yourself–is essential to keeping your taxes and the finances of your family or business in order.