Intown Atlanta Real Estate News
Georgia foreclosure sales fifth highest
Thursday, February 24, 2011
Georgia’s foreclosure home sales declined in 2010, but we remained a top 10 state for that type of sale, according to RealtyTrac’s 2010 U.S. Foreclosure Sales Report.
The state had 27,657 foreclosure home sales in 2010, which is down 41.2 percent from 2009 and down 36.1 percent from 2008. Foreclosure home sales in the Peach State averaged a price of $119,940 and represented 29.4 percent of all home sales in the state last year. Georgia also had the fifth highest percentage of foreclosure sales in the United States.
A total of 831,574 foreclosed U.S. homes sold in 2010; a decrease of 31 percent from 2009 and a decrease of nearly 14 percent from 2008. The average price of those homes was $172,030 and they represented 26 percent of all national home sales.
The states with the highest foreclosure sales by percentage:
1. Arizona (49 percent)
2. California (44 percent)
3. Florida (36 percent)
4. Michigan (33 percent)
5. Georgia (29 percent)
6. Idaho (28 percent)
7. Oregon (28 percent)
8. Illinois (26 percent)
9. Virginia (25 percent)
10. Colorado (25 percent)
- James J. Saccacio, CEO of RealtyTrac
Posted in: Intown Atlanta Real Estate News
Atlanta-area Homestead Tips
Friday, January 28, 2011
Did you close on the purchase of a property on or before December 31, 2010? If so, you need to file for Homestead exemption!
Please refer to our Blog dated January 7, 2011 for the time limits to file for Homestead. But in addition, here are a few more tips:
1. You can only obtain Homestead exemption on owner-occupied properties.
2. You file with the county in which the property is located. If the property also has city taxes, there may be an additional homestead exemption available. Most cities require a separate homestead application (except City of Atlanta), and may have a different deadline.
3. If the property is owner-occupied by a senior citizen, disabled person, low-income owner, injured veteran or veteran’s widow, there may be additional tax exemptions and discounts available. Some of these applications are due much earlier and may require a copy of last year’s income tax return or other supporting documentation.
4. If the property is rental or investment property, you should confirm that your correct mailing address is identified. You can check the GSCCCA website (look at the PT-61 form filed with the Warranty deed), the county tax website, or your HUD-1 from the closing to see if the mailing address has been shown (rather than the property address). Tax bills sent to a vacant lot or rental house rarely get forwarded or paid on time!
- Scott Askew
Posted in: Intown Atlanta Real Estate News
Will the health insurance reform law impose a 3.8% tax on home sales?
Friday, January 21, 2011
Chances are, you have heard ‘chatter’ warning that the health insurance reform law contains a provision for a sales tax on home sales. Some versions cite an editorial column from the ‘Spokesman-Review’ newspaper, while others link to one or more blog posts. The information contained in these emails is false. Below are the facts:
Beginning in 2013, the health insurance reform law will impose a 3.8 percent tax on unearned net investment income, which includes some (but not all) income from interest, dividends, net rental income, and capital gains (less capital losses). The tax affects only those individuals with an adjusted gross income above $200,000 for single filers, or $250,000 for couples filing jointly.
The tax will not be imposed on all real estate transactions. Those who claim otherwise do not understand the interplay between the health insurance reform law and existing real estate tax law. The exemption for the first $500,000 of capital gain from the sale of a principal residence remains intact and is not impacted by the new law.
Because the tax is very complicated, the National Association of REALTORS prepared an informational brochure outlining several scenarios that could be relevant to you. The brochure is available in our office.
- Scott Askew (with special Thanks to Robert Broome, the Governmental Affairs Director for the Atlanta Board of REALTORS)
Posted in: Intown Atlanta Real Estate News
FILING FOR HOMESTEAD EXEMPTION IN 2011
Friday, January 07, 2011
Filing for Homestead is a right every property owner has as long as the property is their PRIMARY residence. You must have been the owner (not ‘Under Contract’) as of January 1, 2011 to file for Homestead that benefits you during the 2011 tax year and beyond. Homestead only needs to be filed once; thereafter, the benefit remains with the property owner as long as the property is, again, their primary residence. When you go to file for Homestead, you will, in all likelihood, need to provide the Warranty Deed, proof of residence, social security numbers, driver’s license and car tag info.
Here is where you can obtain further information, and the appropriate filing location:
Fulton County - deadline is April 1, 2011 404-612-6440
http://www.fultonassessor.org/Forms/HtmlFrame.aspx?mode=content/Taxreliefinformation
DeKalb County - deadline is March 1, 2011 404-298-4000
http://web.co.dekalb.ga.us/taxcommissioner/homesteadgen.html#applications
Gwinnett County - deadline is March 1, 2011 770-822-8800
http://gwinnetttaxcommissioner.manatron.com/Tabs/Property/HomesteadExemption.aspx
Cobb County - deadline is April 1, 2011 770-528-8600
http://www.cobbtax.org/Forms/HtmlFrame.aspx?mode=content/Exemptions.htm&LMparent=189
Clayton County - deadline is April 1, 2011 770-477-3311
http://www.claytoncountyga.gov/departments/tax-assessor/residential-property.aspx
Cherokee County - deadline is April 1, 2011 678-493-6122
http://www.cherokeega.com/departments/department_section.cfm?displaySection=Homestead%20Exemptions.txt&departmentid=30
Henry County - deadline is April 1, 2011 770-288-8180
http://www.co.henry.ga.us/taxcommissioner/PropertyTaxExemptions.shtml
Posted in: Intown Atlanta Real Estate News
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