Property Tax in Atlanta, GA and Everything Landlords Should Know

Paying your property tax in Atlanta, GA is probably as routine as paying your mortgage and your insurance bills. If you haven’t taken the necessary steps to appeal the amount of tax you’re required to pay, you might be missing out on the opportunity to save some money. Lowering the amount you pay in taxes will increase your ROI.

Filing Taxes in Georgia

Georgia law requires property owners to file their property tax return every year as early as January 1 and before April 1. Many property owners simply accept the value that’s automatically placed on their property by the government, and then they pay the tax based on that. There is another way. You can file a form called the PT50R form. This is important because in many cases, the value of your property according to the assessment isn’t accurate. Don’t pay more taxes than you should.

How Your Property is Assessed

There are three ways that tax assessors will establish a value for your property. When you have a rental property, they will use the level of income achieved by your home, as well as uniformity and a sales comparison that considers the properties around your home. When you appeal the amount you have been assessed, don’t use the income model. Instead, use the uniformity or the sales models. Foreclosed properties will need to be included when the sales comparison model of assessment is used, which will help you lower the established value of your home.

Filing the PT50R

When you fill out and file a PT50R, the tax assessor will be required to look at your property and make an assessment. They won’t do that unless this form is filed; the standard procedure is to simply accept the listed value as accurate. When you file this document, you’re making it necessary for them to place an actual value on your property based on what they find. After you have filed this form, you’ll be contacted by the tax assessor, and you can discuss the value that has been found. There’s room for negotiation at this point. You might say your property is valued at a certain amount, and even if they don’t agree with you, they could lower the original assessed value, which will decrease your tax exposure.

It’s worth your time to take this step and appeal the amount of tax you’re required to pay. You can always appeal to the County Board of Equalization as well. If you need help understanding how to do this, contact Title One Management.

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