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  #1  
Old Posted May 2, 2008, 11:17 PM
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Terminus Terminus is offline
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Question Fulton Property Assessment Appeal?

I'm wondering if anyone on here has had any luck appealing the value of their properties and how it's supposed to work.

I filed an appeal earlier this year (before 4/1) for my condo, showing how sales of every unit in my building in the past three years has had per square foot costs well below what they say mine should be. I even demonstrated how two of the exact same units had sold for far less than the county-decided fair market value. The value I proposed to them was somewhere between what sales had been and what the previous county-assessment was.

I have received no confirmation of anything from the County since then. However, yesterday I received a Notice of Assessment showing Return value (what I proposed), Previous Year Value, and the same Current Value. So in essence, no change.

Does this mean they didn't accept it? Do I have to file again?

The Fulton County website is absolutely useless, as is their phone number. It's enough to make me want to move to Cobb or Gwinnett, where at least the county government is helpful.
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  #2  
Old Posted May 3, 2008, 2:30 AM
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The solution is to merge Fulton into the respective municipalities...in other words, eliminate it. It serves no purpose anymore. Only about 7% of the county population is unincorporated, all in one area. That area voted recently not to incorporate, but they could be financially induced.

Fulton taxpayers would save a bundle of money, and receive better services.
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  #3  
Old Posted May 3, 2008, 2:31 AM
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Funny thing though. A client was complaining to me just this evening about the lack of responsiveness from the Fulton property tax office.
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  #4  
Old Posted May 3, 2008, 2:46 AM
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NativeAtlantan NativeAtlantan is offline
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Terminus, I was successful in having my property assessment reduced. My hearing was in 2006 and I was able to reduce the appraised value by around $60K, if memory serves.

Your process sounds a little different from mine. I got a letter fairly quickly stating what my new appraisal would be and that it would be locked for 3 years.

I wonder what they mean by "Return Value"? Could you scan it and post with the sensitive info blacked out? I may be able to recognize the form.
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  #5  
Old Posted May 3, 2008, 2:53 AM
atllocal74 atllocal74 is offline
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I bought a condo 2 years ago in Fulton and the tax appraisal was immediately 10% higher than I paid the 1st day. I have an 80/10 loan, but according to my tax appraisal I immediatley had 20% equity. I'm thinking of refinancing, into 1 80% loan. I will be interested to see if a mortgage company is willing to agree that I can consolidate my loans since Fulton says I have 20% equity. So maybe you could apply for refinancing and see what a mortgage company thinks about the value of your condo.
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  #6  
Old Posted May 3, 2008, 2:55 AM
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As I think I've posted before, if you can show what your unit would be worth as a rental, and then show what large property management companies are paying in taxes per unit for comparable rentals in their complexes, and sort of imply a possible class-action involving owners like yourself - it may get some attention. I found out several years ago that the lawyers for large property management companies had "arranged" tax assessments per unit that were about 1/4 of my (small landlord) comparable units, meaning comparable in terms of rent revenue.
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Old Posted May 3, 2008, 3:02 AM
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I had a written offer on a property from a buyer at a certain price, and who later walked prior to closing. The tax appraisal shortly thereafter was 20% higher. The buyer-forfeited contract price was pretty good evidence.
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  #8  
Old Posted May 3, 2008, 7:14 PM
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Ugh. We just had our HELOC frozen (their "valuation method" claimed our property values had declined, even though current sales would say otherwise). The next day, we got our property tax assessment, saying our property had increased $37K in value in the past year (more than any recorded sale). Talk about the worst of both worlds.

We're hoping we'll have better luck with the county assessor's office than our deadbeat lender. I'd be curious to hear more about tactics for getting the assessment lowered.
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  #9  
Old Posted May 5, 2008, 1:16 PM
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I bought a new high rise condo last September and just received assessed tax letter from Fulton county. How come the current value in the letter is 20k below the price I paid for? Is it good or bad to my property value in terms of sales? I heard most other propeties in the same building have been undervalued against their purchase prices. Anyone can explain this? Thanks.
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  #10  
Old Posted May 5, 2008, 2:32 PM
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Quote:
Originally Posted by CityFan View Post
I bought a new high rise condo last September and just received assessed tax letter from Fulton county. How come the current value in the letter is 20k below the price I paid for? Is it good or bad to my property value in terms of sales? I heard most other propeties in the same building have been undervalued against their purchase prices. Anyone can explain this? Thanks.
They're just incompetent.

I'd keep my mouth shut if I were you.
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  #11  
Old Posted May 5, 2008, 2:32 PM
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Quote:
Originally Posted by catlike View Post
Ugh. We just had our HELOC frozen (their "valuation method" claimed our property values had declined, even though current sales would say otherwise). The next day, we got our property tax assessment, saying our property had increased $37K in value in the past year (more than any recorded sale). Talk about the worst of both worlds.

We're hoping we'll have better luck with the county assessor's office than our deadbeat lender. I'd be curious to hear more about tactics for getting the assessment lowered.
The same thing happened to me and I called my mortgage loan officer. He told me what to include in a letter I sent to the bank (BOA). About two weeks later, I received a letter telling me they had unfrozen my account.
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  #12  
Old Posted May 5, 2008, 4:50 PM
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jobe,

We called the lender and they want us to pay for an appraisal and submit it for "consideration" (gee, that sounds promising). Maybe we should contact our loan officer, as well, and see if there's anything we could do.
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  #13  
Old Posted May 5, 2008, 8:17 PM
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Quote:
Originally Posted by catlike View Post
Talk about the worst of both worlds.
Wow, Cat, that sucks!
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  #14  
Old Posted May 6, 2008, 3:24 PM
echinatl echinatl is offline
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Got my notice of assesment yesterday and they took 100 bucks off the value of my condo. wow thanks!

I also filed for homestead exemption and I think they gave it to me. It says "YES" next to homestead on the form. What exactly does this do?
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  #15  
Old Posted May 6, 2008, 6:05 PM
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Homestead is a mechanism to give folks a break on property taxes if it's their primary residence.
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  #16  
Old Posted May 7, 2008, 1:39 AM
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Found out I'm pretty much in the same boat. Last year the assessment dropped $10k from the value of my home in Atlanta. But this year they added $20k b/c of the 'market'. I know the market hasn't improved that much b/c I would sell the house if it was.
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