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The real estate industry is already looking toward the year 2010 as it begins to wrap up the fourth quarter with mixed emotions. We here at ALG continue to focus on 2009 laying the groundwork for a prosperous bounty for our clients, continuing to push our listings, attending tradeshows such as the October 2009 ICSC (International Council of Shopping Centers) Convention in Atlanta, participating in panel discussions such as the October 22nd CCIM Chapter of Georgia and keeping you, our readers, informed.
 As the fourth quarter unfolds many will be facing property values that have diminished. While this may be an opportunity for buyers, this decline in valuation may not be evident in property assessments and may have adverse property tax implications for property owners. "Georgia property owners should be proactive in seeking property tax relief, under the current market conditions. Georgia law allows the owner to file a property tax return between January 1st and either March 1st or April 1st, depending on the county. We want to talk to the owner at the very beginning of the year to evaluate the need for a return, to make sure we begin the process and protect all of the appeal rights available under the law. In today's market, keeping assessed values in line is imperative." stated David Dermer, with Preferred Tax Services. Property tax assessment appeals vary somewhat from State to State and from County to County. Georgia law provides for this procedure to be primarily conducted at the county level. Your appeal begins very simply by filing with the County Board of Tax Assessors a notice in writing of your appeal within a 45 day period of the assessment change notice. At this time they will either agree or disagree with you. If they disagree with you the Board of Equalization will schedule a hearing. Sounds easy so far…correct? Well, if any changes are made on the first notice let's say even a modest change then the tax assessor will send another notice of changes at which time the taxpayer will again have the opportunity to appeal to the Board of Equalization. With the increase in number of property tax assessment appeals many will find themselves waiting and retracing their footsteps in their quest for property valuation that reflects current economic market conditions. For example: One Morgan County property owner appealed in writing on June 15th of 2009 and is currently waiting for a hearing date with the three member panel (Board of Equalization) to present all questions concerning the appeal only to find out by the County Attorney that the county by law has 180 days and typically schedule between 75 – 100 hearings per month and there have been approximately 700 appeals. Let's complicate it a little more, you the taxpayer now will be offered to have your appeal heard by the Board of Equalization or have the option of appealing to an arbitrator or arbitrators, but don't forget you now have to give written notice again to the Board of Tax Assessors stating the grounds for the arbitration. Once a decision has been rendered the taxpayer may elect to appeal to the Superior Court of the County. Property owners will need to determine at what point in the process, how much energy and money will yield the desired results.
We made a strong showing at this year's International Council of Shopping Centers Convention at the Georgia World Congress Center in October. A very inspirational Ron Clark, Founder and Mathematics Teacher, from The Ron Clark Academy was the guest speaker at this year's convention. His positive message and enthusiasm was well received by over 2,000 real estate professionals. While he talked about positive reinforcement and creative thinking to elevate any organization, Peter Sharpe, President & CEO of The Cadillac Fariview Corporation Limited, gave the State of the Industry address. Here are some notes in the National Retail Level: 3,200 Stores closed by September of last year and 2,850 by September of this year, evidence of store closings slowing down or not that many left
Notes from the October 22nd CCIM Georgia Chapter Land Panel Discussion held in Perimeter Center, Atlanta. Mike Neal with Colliers Spectrum Cauble was the moderator and Robert Armstrong (28 years experience in commercial real estate in North Georgia, South and North Carolina markets) was accompanied by David Moore with the Stratford Company and Ernie Williams (35 years experience in the Metro Atlanta land markets) with NAI Brannen Goddard Company represented the guest panel: ALG Current Opportunities: Swanton Davis continues to move foreclosed residential properties. He closed on 14 partially developed lots in Creekside Subdivision, DeKalb County, Georgia and has recently listed for sale foreclosed property in the Villages at Town Lake. Please see website www.atlantalandgroup.com for additional details.
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