I often hear people refer to their agent as “my realtor” or say they are thinking about getting their “realtor’s license”. For the record, all realtors are licensees, but not all licensees are realtors . . .
Read MoreIt’s a really competitive market right now for buyers, so agents are using every resource to give their clients an advantage. One of these is the “love letter” that buyers often provide with an offer . . .
Read MoreIn this crazy market it’s not unusual to hear about a home that sold just a few years ago selling again for considerably more money. So if you’re lucky enough to be in that position, do you have to pay taxes on the gain?
Read More“Rising mortgage rates could mean fewer potential buyers ahead of the spring selling season. Mortgage rates rose to 2.81% in the week ending on Feb. 18 . . . “
Read MoreData from FMLS and ShowingTime shows a resilient residential market with both Closed and Pending . . .
Read MorePeople are looking for some guidance regarding buying or selling in the current environment, so here’s my two cents . .
Read MoreHave you ever looked closely at your Fulton County tax bill? In the table showing the tax calculation is a column for “Exemptions”. If you’ve filed for a homestead exemption, you should have at least $30,000 for a standard exemption, but you may have much more . . .
Read MoreThe WSJ reports that mortgage rates have fallen to their lowest levels in eight months.
Read MoreThe Georgia Association of Realtors released their key indicators for June. "The market has been hot this summer, with prices continuing to rise and a slight uptick in new listings". Compared to June 2017:
Tomorrow July 6th is the last day to appeal your Fulton County tax assessment. If you feel that your home is unfairly valued, you can enter an appeal online at the Fulton County Smartfile site. Just create an account and answer a few simple questions. You don't need to have all the supporting data now, you can present it at the Board of Equalization hearing later. You can appeal based on the fair market value (shown on your assessment) being too high. You can also appeal based on uniformity of assessment. This means that even if your home is fairly valued, if other similar homes are valued lower than yours, then you have a basis for appeal. It's a fairly simple process and definitely worth the effort.
Recently legislation was introduced in Georgia to limit the amount that HOA management companies can charge for providing a statement of account in a real estate closing. Currently the law allows a $10 fee for providing the letter, but most HOA management companies charge additional fees for a statement of account. Windward charges $240 as an "account setup fee" and $10 for the closing letter. The new legislation would have limited the total charges to $150. Although the bill passed both the GA House and Senate, Governor Deal vetoed it. So if you are buying or selling a home, check the Community Disclosure document carefully to make sure the fees are properly disclosed and which party has to pay them!
If you purchased a home in 2017, make sure you file for your homestead exemption by your county's deadline (April 1st deadline for Fulton County). The homestead exemption is a direct reduction in the taxable value on which your taxes are calculated and can result in significant property tax savings. In order to qualify for 2018, you must have owned and occupied the home as of January 1st. Visit your county's website for more information. Here is the link for Fulton County information: Fulton County Homestead Exemptions
I just completed a review of Windward 2017 sales activity. May and June were the most active months for closings as many buyers want to get settled before the new school year begins. The median time period from list date to contract was 48 days. The median time from contract to closing was 40 days. All together, that's 88 days - almost three months. So homes selling in May and June were on the market in February and March. If you're selling this Spring, now is the time to get your home ready to market.
The developers of the Halcyon project on McFarland Rd have cleared a lot of land, so what's the plan? "Halcyon" is defined as "calm, peaceful, tranquil". In this case it means 87 single-family units, 155 town homes, 448 apartments, 125,000 sf of retail space, 65,000 sf of office space and a 110 room hotel. And that's just in Phase 1. The site plan also shows a 38,000 sf CMX Theater as well as a grocery store in Phase 2. The website for JLL, the firm leasing the retail component, says retail opportunities will be available Spring 2018.
Site activity as of May 25th. Looking east from GA 400
Halcyon site plan showing the CMX Theater in phase 1 and grocery store in phase 2
11 Alive has reported that the Fulton County commissioners unanimously voted today to freeze property assessments at the 2016 rates. According to the report, "the Fulton County tax assessment notice you received in May or June is now null and void. You will receive a new assessment, which should be mailed to you around mid-August. If you have already filed an appeal it is now null and void. You will have a chance to appeal the notice you receive in August, if you feel it is in error. You will have 45 days after you receive the new notice to file your appeal online."
Yesterday the AJC reported that Fulton County intends to freeze tax values at 2016 values based on an obscure law that allows the Commission to change the tax digest. Fulton County Commissioners will vote on the proposal Wednesday. Here is the link to the full article Fulton County Tax Freeze
How much does it cost to use a professional firm to appeal your taxes? Many firms will appeal your taxes on a contingency basis with a fee determined by how much the appeal saves you in taxes. One firm I received information from charges 50% of the first year's tax savings. This is calculated as the difference between the assessed value shown on your recent notice and the final assessment after appeal. Let's say your house's new appraised value is $500k and the appeal firm gets the value lowered to $450k. The assessed value (40% of the appraised value) would go from $200k to $180k, a $20k reduction. This number is then multiplied by the 2017 millage rate, which is yet to be determined. The 2016 combined millage rate for Fulton County and City of Alpharetta, was roughly .003 (or 3%). If we use the 2016 number, the tax savings would be $20k x 3% = $600. So the fee would be 50% x $600 = $300. Another regional firm charges an up front administrative fee of $250, plus 25% of the first year's tax savings. Using our example, their fee would be $250 + $150 = $400, but they get the $250 admin fee regardless of whether the appeal is successful.
I've had a lot of friends, neighbors and clients contact me about appealing their recent Fulton County tax assessment. In response I've written an article explaining the process. Check it out at www.newportrea.com.
I wanted to mention another point regarding the increase in Fulton County fair market values. You may notice that your tax assessment notice shows the estimated tax based on the previous year's millage rate. The millage rate is set by the county (and by local municipalities) based on the value of the tax base and the annual budget. Since the value of the tax base has been increased, the millage rate may decrease if the annual budget remains relatively the same (the information I was able to find shows a $30M increase in the 2017 budget vs. 2016, but that may not be accurate). So while your taxes will most likely increase, they may not increase as much as what is estimated on your notice.
If so, it's likely that your fair market value increased significantly. Personally, my tax value increased almost 40%. According to the Atlanta Journal Constitution, the median increase is 13%, but values in some neighborhoods rose as much as 79%. The reason for the increase is that Fulton County hasn't adjusted tax values in recent years to reflect the increase in market values. If you disagree with the valuation, you can appeal to the Board of Tax Assessors based on a number of factors (like value or uniformity of assessment). If you find the appeal process too daunting, there are firms that specialize in property tax appeals for a fee. Helpful links to the Board of Assessor's website and Georgia.gov info are below.
Board of Assessor's Tax Info (with link to appeal form)
Newport Realty Associates, LLC is a full service residential real estate firm based in Alpharetta, Georgia
It’s a really competitive market right now for buyers, so agents are using every resource to give their clients an advantage. One of these is the “love letter” that buyers often provide with an offer . . .
In this crazy market it’s not unusual to hear about a home that sold just a few years ago selling again for considerably more money. So if you’re lucky enough to be in that position, do you have to pay taxes on the gain?
I often hear people refer to their agent as “my realtor” or say they are thinking about getting their “realtor’s license”. For the record, all realtors are licensees, but not all licensees are realtors . . .