Intown Atlanta Real Estate News
Time To Appeal Your Tax Assessment
Wednesday, June 15, 2011
A new Georgia law requires the property tax assessors in each county to prepare and send out a new assessment on every property in the state, regardless of whether the property was bought or sold last year. The notices must also include an estimate of the 2011 tax bill.
Because of these new demands on the tax offices, most of the assessments were not ready until May, 2011; but some were later.
The owner as of January 1st, 2011, will still get this new tax assessment, even if the property has been sold. Also, the owner as of January 1st, 2011, will be the only one legally authorized to appeal the 2011 assessments.
Some buyers are asking their sellers to give authorization or even power-of-attorney to them at closing, so that the new owners can appeal an undesirable assessment.
It is not clear whether the tax offices will allow the new owners to file the appeal, even if they have written authorization from the sellers. Keep in mind that the job of the tax office is to collect revenue.
If the closing involves a bank seller (REO- foreclosed property), there will be no re-proration of taxes when the actual bill comes out. Once an REO closing takes place, the bank seller has no more interest or responsibility for the tax bills, even for the current year.
However, other sellers are generally required by the contract and closing documents to adjust the tax pro-rations upon receipt of the actual bill. These sellers should have motivation to stay involved in the assessment and appeal process, because the savings would benefit all parties for the current year.
- Scott Askew
Posted in: Intown Atlanta Real Estate News
Are We There Yet
Monday, June 06, 2011
Many people ask me and other real estate professionals if we have hit the bottom of the real estate market. My answer: “We’ll know six months after we have rebounded.”
Honestly, we do not know if we have hit bottom. Most seem to think home prices are stabilizing. Some are arguing that we are about to have a ‘double-dip recession’ and home prices will come down a bit more.
This reminds me of when I got into the real estate business in late 1978. At the time, interest rates were about 8% and Atlanta-area real estate was appreciating at about a 12% annual clip. Then, in early 1979, all of a sudden, interest rates hit 10% and banks were prevented from lending money due to Georgia’s 10% usury limit at the time. There were those who were claiming real estate would plummet. Others thought homes would continue to appreciate due to double-digit inflation.
In other words, nobody knew what to expect.
The best piece of advice I can give you today is this: If it feels right, do it.
Interest rates are very low. Home prices are where they were in 1999-2001 (dependant on what area of Atlanta you’re in). Even if you are fretting about selling a home for less than what you paid for it, look at it from this point of view – you will also buy your replacement home for far less than what you expected…so it all evens out.
- Scott Askew
Posted in: Intown Atlanta Real Estate News
Are We There Yet
Monday, June 06, 2011
Many people ask me and other real estate professionals if we have hit the bottom of the real estate market. My answer: “We’ll know six months after we have rebounded.”
Honestly, we do not know if we have hit bottom. Most seem to think home prices are stabilizing. Some are arguing that we are about to have a ‘double-dip recession’ and home prices will come down a bit more.
This reminds me of when I got into the real estate business in late 1978. At the time, interest rates were about 8% and Atlanta-area real estate was appreciating at about a 12% annual clip. Then, in early 1979, all of a sudden, interest rates hit 10% and banks were prevented from lending money due to Georgia’s 10% usury limit at the time. There were those who were claiming real estate would plummet. Others thought homes would continue to appreciate due to double-digit inflation.
In other words, nobody knew what to expect.
The best piece of advice I can give you today is this: If it feels right, do it.
Interest rates are very low. Home prices are where they were in 1999-2001 (dependant on what area of Atlanta you’re in). Even if you are fretting about selling a home for less than what you paid for it, look at it from this point of view – you will also buy your replacement home for far less than what you expected…so it all evens out.
- Scott Askew
Posted in: Intown Atlanta Real Estate News
Why Do We Celebrate Memorial Day?
Tuesday, May 24, 2011
A National Moment of Remembrance takes place every year at 3 PM, local time, on Memorial Day. The National Moment of Remembrance, established by Congress, asks Americans wherever they are on Memorial Day to pause in an act of national unity for one minute to remember what Memorial Day is really about.
There are many stories as to the actual beginning of Memorial Day, with over two dozen cities and towns laying claim to being its birthplace. While Waterloo N.Y. was officially declared the birthplace of Memorial Day by President Lyndon Johnson in May 1966, it is difficult to prove conclusively the origins of the day. However, it is not important who was the very first, what is important is that Memorial Day was established to honor those who gave their all for our country.
Traditional observance of Memorial Day has diminished over the years. Many Americans nowadays have forgotten the meaning and traditions of Memorial Day. In fact, some people think the day is for honoring any and all dead, and not just those fallen in service to our country. There are a few notable exceptions. Since the late 50’s on the Thursday before Memorial Day, the 1,200 soldiers of the 3d U.S. Infantry place small American flags at each of the more than 260,000 gravestones at Arlington National Cemetery. They then patrol 24 hours a day during the weekend to ensure that each flag remains standing. In 1951, the Boy Scouts and Cub Scouts of St. Louis began placing flags on the 150,000 graves at Jefferson Barracks National Cemetery; a practice that continues to this day. More recently, beginning in 1998, on the Saturday before the observed day for Memorial Day, the Boys Scouts and Girl Scouts place a candle at each of approximately 15,300 grave sites of soldiers buried at Fredericksburg and Spotsylvania National Military Park on Marye’s Heights.
So, please consider stopping what you are doing at 3 PM this coming Monday, May 30, 2011, and quietly reflect on where we would be had it not been for the sacrifice of many brave men and women; and give thanks for their courage and devotion to our country.
- Scott Askew
Posted in: Intown Atlanta Real Estate News
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