Georgia property owners who feel their property has decreased in value due to the slump in the housing market can file a property tax return (Form PT-50R) between January 1st and April 1st of each year.
This little known process allows property owners to declare what they feel is the true market value of their property and will activate the appeals process. The property tax returns then go through the same course an appeal would, getting reviewed by staff and eventually the county Board of Assessors.
According to James Bell, communications director for The Libertarian Party of Georgia (www.LPGeorgia.com) and founder of the Douglas County Taxpayers Coalition (www.DouglasTaxes.com), county property tax assessors are quick to target homes for reassessment that have sold for more than the assessed values but are slow to reassess properties that have fallen below assessed values.
“Filing a property tax return will force a review of your property and will trigger the appeals process which could lower your taxes”, said Bell. “It is the responsibility of property owners to keep their neighborhood values in line with the market.”
Bell said some neighborhoods hit by foreclosures have dropped in value by 10 to 50 percent, leaving many property owners paying more in taxes than they should.
April 1st is another important deadline to file for Homestead Exemptions. You must have owned the property on January 1st to qualify for these tax savings. These exemptions can save property owners hundreds of dollars each year.
For more information on Property Taxes visit: www.DouglasTaxes.com.
Property Tax Return Form:http://www.etax.dor.ga.gov/PTD/adm/forms/pt50r/index.aspx.
Tax Facts for your County: http://www.etax.dor.ga.gov/PTD/county/index.aspx.
