Property values have seen a steady increase in the last several years, with a huge jump in value during 2020. Your tax assessments will likely reflect this increase, causing your taxes to go up. If the assessors haven't gotten around to increasing property values in your area, all the more reason to lock in the current rate before they get to you. In addition, many areas are seeing an increase in millage rates, adding more costs to your tax bill.
How do you avoid paying high taxes? Appeal, appeal, appeal. By appealing your taxes, you buy time to research other area properties, see if their assessments are on par with yours, and appeal if they are not. Even if you cannot find other area properties with lower assessments, it still makes sense to appeal as long as values continue to increase. Once appealed, your current or reduced rate is locked in for three years.
Why appeal:
1) The median home price in Metro Atlanta was $390,000 in January 2021, an increase of 17.9% over the last year. Home prices continue to climb in this tight market.
2) Property values are assessed on an average of the prior year's sales in your property's area.
3) Most recent sales are for properties that have been renovated to get the highest sales price.
4) Most rental properties should be assessed at lower values due to low-cost turnovers versus high-cost renovations generally done for sales.
5) Appealing gives you a chance to show evidence that your property was overvalued.
6) Even if you can't get your value lowered, by appealing, you can lock in the current rate for three years, an incredibly important strategy to save on taxes in this demanding housing market.
You have 45 days from the date of the notice mailed (noted on your tax assessment notice) to file an appeal. For DeKalb County, annual assessment notices are mailed out at the end of May. Fulton County notices will be mailed in July. Gwinnett County mailed theirs in April and Cobb County notices are usually mailed mid-August.
There are several companies who can handle the appeal process for you. Compass does not handle appeals but works with an experienced appeals expert who can handle your appeals for you. For more information, contact Alex at: alex@compassrent.com. See the information below.
Compass has our owner's best interests at heart. We believe it would benefit you to consider locking in your current rates and/or lowering those rates before property values rise even further and result in increased tax assessments.
Appeals by Alex for the 2021 Property Tax Season
This year has seen an incredible increase in property values. Last year's appeals brought very few reductions. It can be presumed that this year will be even more difficult in obtaining reductions.
For this reason, Appeals by Alex is offering a two-tiered pricing structure for the 2021 property tax season, Freeze only, or Full Appeal.
Freeze only option: For $200, your property taxes will be appealed and preliminary analysis will be performed to determined if there is value in conducting a full appeal. If not, an attempt to negotiate a lower tax value will be made. The current or negotiated value will be locked in for three years. Given the rapidly increasing values, a freeze will realize significant savings over the next three years.
Full Appeal: For $350, your property taxes will be appealed, comparables will be pulled with supporting documentation. Photos, when available, and property details will be presented at the Board of Equalization hearing with the goal, not guaranteed, of reducing the value, and the tax liability.
If you chose a Freeze Only option, and it is determined that a full appeal may be beneficial, you will be sent notes. You can then opt to pay the additional $150 for a full appeal.
If you wish to utilize either option, please send your property assessment to alex@compassrent.com specifying which option you are choosing.