Partial Reprint from the Atlanta Business Chronicle. You can read the full article here:
"The Georgia Senate Thursday unanimously passed legislation aimed at overhauling a property assessment system thrown into disarray by huge market-driven fluctuations in property values.
The bill, which now goes to the House, would restore Georgia homeowners’ loss of confidence in the fairness of the property tax bills they receive from local governments each year, said Senate Majority Leader Chip Rogers, the measure’s chief sponsor.
Homeowners across the state are complaining that they’re being taxed based on assessments that no longer accurately reflect the declining value of their properties, said Rogers, R-Woodstock.
“The assessments are not keeping pace with fair market value,” he said. “Property owners are paying (taxes) on value they don’t own.”
In an effort to ensure greater accuracy, the bill would require local governments to send out assessment notices to property owners annually.
Owners who disagree with their assessments would be given 45 days to appeal, up from the current 30 days.
In setting property values, assessors would have to take into account the effects of foreclosures in the neighborhood."
I find this to be great news for homeowners across the state. I get emails from homeowners who find me online, past clients and friends asking how to go about the process of appealing their tax assessments. With the market in flux the way it is, we need a more responsive government.
This might be worth contacting your state representative...
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