K. Brent Warren
McLain & Merritt, P.C.
11625 Rainwater Drive, Suite 125
Alpharetta, GA 30009
(770) 200-7000 phone
(770) 200-7001 fax
kbwarren@bellsouth.net
Because of the real estate slump of the past two years, the fair market value of most properties has decreased (dramatically in some cases). However, the “assessed” value of most properties by the county tax assessor has not decreased. Thus, homeowners are now paying property taxes on assessed values much higher than the fair market value of their property. To remedy this situation, homeowners need to appeal the assessed value of their property with their county tax assessor.
To begin the appeal process, the property owner must file a Property Tax Return with their county tax assessor (you should check with your local tax assessor’s office to determine the deadline each year to file such return). The Property Tax Return is typically a one-page document wherein the homeowner states what they believe to be the fair market value of the property. The county will then provide written notification whether it accepts or denies the homeowner’s request for a change in assessment. If denied, the homeowner has a limited number of days (typically 45 days) to appeal the denial and to provide written evidence to support the appeal request.
Appeals are heard before the Board of Equalization (BOE) which consists of a three member panel. Property owners may appeal their assessed value due to taxability, uniformity or value. In order to make the appeal more effective, the homeowner should provide written documentation to support their position. This documentation could consist of the following:
- A market analysis of comparable properties recently sold in your neighborhood which can be obtained by a realtor.
- A recent property appraisal of the subject property.
- The county tax reports for comparable properties in your neighborhood with the same quality or construction, similar land size and square feet of living area, number of bedrooms, basement, etc.
The hearing at the BOE is an informal affair wherein the homeowner provides their proof of decreased value while the tax assessor provides evidence supporting the county’s position. The BOE will then render a decision based on the evidence. If the BOE denies the appeal, the homeowner could still appeal to the Superior Court and receive a jury trial. However, at that point, the homeowner may want to engage an attorney to assist.
December 4, 2009 at 1:46 pm |
Nice summary of how to deal with inequitable real estate assessments. I deal with these issues often in the Commonwealth of Pennsylvania and provide valuation services for commercial and industrial property.
Pennsylvania has 67 counties, each with independent Boards of Assessment Appeals and each with their own particular nuances and differing filing dates.
I find that many property owners who file their appeals through their legal representative fail to get the appraiser involved early in the process that causes a rush two weeks before their cases are heard.
Although extensions may sometimes be granted by the boards, I find that it is not in the property owner’s best interest.
Thanks for your summary.