The first method is the Sales Comparison Method in which recent sales of similar properties in similar locales are used as indicators of the fair market value of the taxpayer’s property, and adjustments are made depending on apparent differences. However, where no recent sale occurs, there are three alternate general methods by which to determine a property’s fair market value. The best indicator of fair market value is the sale amount for a recent arm’s length, bona fide sale of the taxpayer’s property. Georgia statute defines a property’s fair market value as the amount a knowledgeable buyer would pay for the property and a willing seller would accept for the property at an arm’s length, bona fide sale.
The Georgia Department of Revenue has established guidelines to assist County Tax Assessors with determining property values. Otherwise, the taxpayer could risk overpaying the government thousands if not tens of thousands of dollars each year. As such, it is up to the taxpayer to ensure that his/her properties are valued and taxed properly. After all, local governments simply do not have the resources to make individualized assessments of each and every property in the County before each tax assessment every year. Often times, these opinions are based upon generalized assessments of the type of property being taxed and the general location of the property, without knowledge or consideration of the particular characteristics and condition of the property. Unlike income taxes which are based upon verifiable data, ad valorem property taxes are often based upon a property valuation opinion made by a panel of taxpayers summoned to serve on the County Board of Tax Assessors. This bill is a combined tax assessment made by the State of Georgia, the County where the property is located, and in some instances the local municipality as well. Each year around November, property owners receive a bill for ad valorem taxes on their real property. The reports were mandated by the Legislature in 2001, and the first one was issued in 2003.Owners of real estate, whether residential or commercial are taxed for buying their property, selling their property, and even for simply owning their property. To download Green Acres reports from 2011 and earlier, go to Assessment and Classification Practices Reports. In 2012, the report was combined with the annual report related to agricultural properties and Green Acres required under M.S. The reports analyze market trends, the effects of property tax laws and changes to them, and how property values are assessed throughout the state. Historical Tables for Individual StatesĮach year, the Department of Revenue reports to the Legislature on property tax values and assessment practices in Minnesota.State and Local Tax and Revenue Rankings.Tax and Non-Tax Revenue by Level of Government.State and Local Taxes by Major Category.Minnesota Income Tax Statistics by County.Property Values and Assessment Practices Report.Percentage of Rent Constituting Property Taxes.Log in to Referring Agencies e-Services.
0 kommentar(er)
