My New Blog

The Governor signed SB 55 last week giving protection to property owners in the property tax assessment process. SB 55 requires city and county tax assessors to consider foreclosure sales, bank sales, distressed sales, or any combination thereof, of comparable real property when determining the fair market value for property tax assessments.

Property owners across the state have seen the value of their homes decrease due to direct competition with undervalued foreclosure and distressed sales. SB 55 aims to protect property owners by requiring the tax assessor’s office to consider foreclosure, bank, and distressed sales during the valuation process helping to ensure the tax digest reflects recent fluctuations in the market and property owners pay ad valorem tax based on actual fair market value. For more information on SB 55, click here: http://www.legis.ga.gov/legis/2009_10/sum/sb55.htm

This means that when you get your property tax assessment, and want to dispute the assessment you can use foreclosure sales, short sales, etc as comparables to argue your case to the tax assessor's panel.  Remember, you have a small window of time to object once you receive the assessment.  The assessment usually comes out before your bill.  Once you send written objection, the panel will set a date for review - in which you meet in person to plead your case.

Better news:  Even if you lose your case and the assessment remains, in Fulton County, they freeze your tax assessment for 2 years.  So, it can be advantageous to take the time to object in interest of your future taxes.

Are you looking to buy a foreclosure but lack the cash after closing for repairs or cosmetics?  Well, I may have the solution for you!

Yes, today's foreclosures are not all like the beaten, worn, and run down homes of the past.  Many are close to live-in condition - just needing appliances, fixtures, and new flooring.  But depending on the size of the home, this could cost $10-$20k and with no 100% financing, you need your cash for downpayment.  So, what to do?  Miss the opportunity of sweat equity?  Borrow on high interest of a credit card?  Well isn't some of this what put the economy where it is????? 

Don't get into higher debt with high interest rates!  Use the REMODEL EXPRESS to purchase your home.  Get great interest rates, 1st time buyer $8,000 tax credit if you are a 1st time buyer, and get the money to update/renovate!  You can get up to $35,000 in repair funds, as part of your mortgage and have an approved contractor too! - Yes, no need to shop for a reputable contractor.....your lender has already done that work for you and will hold their feet to the fire until the work is done and you are satisfied.

Do you want to know more?  Ask me.  joan@intownfocus.com 678 508 6811  I will represent you in finding and purchasing the right property and connect you with the lender that can make this a reality.