What is your home’s value? The answer is; differing values can be attached to your home by different entities. For example, you lender uses the “How much is owed on your home to determine his value”. Your insurance company most often uses “replacement value(current materials cost per total Sq. Ft.)” to determine your home’s value. The county tax assessor uses a computer model to determine your home’s market value. This market value is the amount called assessed value. The assessed value is supposed to represent the true market value of your home on January 1 of the current year. From this value a millage rate is multiplied by the assessed value to determine how much property tax you owe. If you feel this value is too high or low, you can file a “Taxpayer’s Return of Real Property” (PT-50R) with the county the home is located in. You are simply telling the county what you think your property is worth. You do not have to file a return to appeal the county’s value of your property, BUT if the county accepts your value it would save you the hassle of a formal tax appeal. This property tax return may be filed anytime prior to April 1, of the current year. After that time, you have to file a formal property tax appeal. Again the form is PT-50R and can be found at: www.gwinnett-assessor.com. Just fill it out and send it end. Below is an article from the AJC showing how much home values have fallen in the last 12 months.
Home prices in Atlanta fell for the fourth straight month in November, with a 2.5 percent decline that followed a 5 percent drop in October, according to the widely watched Standard & Poor’s Case-Shiller Home Price Indices.
“Atlanta continues to stand out in terms of recent relative weakness,” said David Blitzer, chairman of the index committee at S&P Indices.
Nationwide, 19 of 20 cities covered by the indices saw home prices fall for the second month in a row. Case-Shiller set a baseline home price index of 100 in 2000, so an index of 125 would reflect an increase of 25 percent. Atlanta’s index fell to 88.93 in November. Its peak was 136.47 in mid-2007.
Since then metro Atlanta’s index has drifted steadily down despite mild rebounds during summer months.
Metro Atlanta’s index for November was the second-lowest among the 20 cities, with only Detroit faring worse at 70.66. Washington D.C. had the highest index at 184.75, meaning prices there were still nearly 85 percent higher than in 2000.
Foreclosures have played a significant role in bringing down Atlanta home prices, said Maureen Maitland, vice president of S&P Indices.
In December, the average metro Atlanta home sales price was nearly $178,000, down roughly 12 percent from December 2010, according to the Atlanta Board of Realtors.
Some metro regions such as Phoenix, which suffered from overbuilding, may be seeing a slight improvement but only because they have hit bottom, Maitland said. Phoenix’s Case-Shiller index rose about a half-point to 101.12 in November.
“They’re not out of the woods,” she said.
In 2011, foreclosures and short sales — when a property is sold for less than is owed on it — made up roughly 60 percent of all sales in Atlanta, which will continue to see similar numbers this year, according to Prudential Georgia Realty.
Still, “We see very different results in many areas of metro Atlanta where short sales and foreclosures have slowed dramatically,” said Dan Forsman, president and CEO of the real estate firm.
“The inventory is getting very low, which is good news for sellers.”
Nationally, there are no signs the market is headed in a positive direction, Maitland said. The economy is turning around slowly but unemployment remains high; meanwhile, the national gross domestic product has grown only slightly, she said.
“No one is able to confidently predict where the housing market is going to go in 2012,” she said. “There’s just too much noise in the data.”