Property Tax Returns for Real Property

From January 1 to April 1, residents in Georgia can file a Taxpayer’s Return of Real Property. For homeowners, this allows you to declare any improvements or depreciations that your home experienced. If you put on a new roof, did a major renovation, or any other major upgrade, this should be declared on your return. Conversely, if you suffered major damage, this should be listed as well. You can also put forward your own figure for the fair market value of your property.

Fair market value is used to determine your assessed value, which is what taxes are based on. While your assessor does not have to follow what you declare on your return, it does put your opinion on paper, which can be used in a future appeal. If you do not file a return by the deadline, then the board of assessors will assume that the value from the previous year is the correct value. This also applies to any exemptions on the property, which will carry over without a new return. If you bought a piece of real estate or made a major improvement, you must file a return or face penalties.

Personal Property Returns

Unlike real property, these returns are due by April 1 of every year. This is mostly focused on the tangible income-generating property for a business, but also includes furniture, fixtures, inventory, and machinery. The first $20,000 of this personal property is exempt from taxation but still needs to be reported. If you are under this threshold, you will receive no bill. Boats, airplanes, and mobile homes are also covered under personal property, and returns for them should be filed as well. If you wish to file a freeport exemption to shield inventory from taxation, it must be filed by April 1.

Filing Exemptions

April 1 continues to be the magic date, as the cutoff for the current tax year’s exemptions are set on that date as well. If you are a homeowner and do not have a homestead exemption, you are certainly paying too much and should get one as soon as possible. This exemption not only helps lower taxes, but can be built upon by other exemptions, giving you even more savings. This exemption will renew every year without requiring updates. There are many other exemptions available in Georgia, and their value can differ from county to county. Some have age, income, or other restrictions, with their exempted amounts varying between counties.

Exemptions Include:

• Standard Homestead
• Senior Homestead
• Income-based exemptions for seniors
• Floating Inflation-Proof Exemption
• Disabled Veteran or Surviving Spouse
• Surviving Spouse of U.S. Service Member
• Surviving Spouse of Peace Officer or Firefighter

Depending on your county, there could be many more exemptions, each with its own valuation protections and requirements. For instance, the counties around Atlanta offer much larger homestead and other exemptions than most of Georgia. You should contact your local assessor to see all of the exemptions that you qualify for, as there could be some that you have missed.

Property Valuation Freezes

Georgia has many options for freezes on property valuations. Many of these occur automatically when you apply for a homestead exemption for the first time. Usually, these lock in your home’s value to when the exemption was granted, only changing with inflation. This prevents large spikes and helps older residents stay in their homes. Many other counties will also have senior freezes. If you have lived in a home for years or decades and already have a homestead exemption, you may need to apply for a freeze that came into law between first getting the exemption and present day. Other freezes are currently going on the books in certain counties and should be accounted for. Once again, check with your local assessor to see what you qualify for.

Gathering Evidence for Appeals

Property tax appeals in Georgia are high-stakes, not just because of the large taxes involved. A successful appeal can land you a three-year freeze, which locks in your property to the amount your appeal was able to achieve. This is even better than the freezes offered by most exemptions. Since the system was abused in the past, winning an appeal takes more evidence and effort than ever. Now is a good time to start putting together your collection of evidence for when appeals open in May. Take photographs, find sales records, assemble similar properties close to you to prove unequal taxation, and more. Gathering evidence now can make the effort in the coming months much easier and helps you understand what your chances for victory might be. The window for appeals opens in May and usually goes to July, with some counties even going to August.

O’Connor is Here to Help

If you need assistance in appealing your taxes, understanding your assessment, or general help with exemptions, O’Connor can be your guide. For over 50 years, we have been helping our clients fight over-aggressive taxation across the nation and even the world. Based in Texas, we opened up an Atlanta area branch office to combat the rising costs in the state. The combination of high taxes and the possibility of getting a three-year freeze for our clients is what drew us to Georgia, as we can find our clients lasting tax relief by successfully appealing their taxes.

Our local experts will gather evidence for you, while also providing a point of contact. Thanks to the complexities among all of Georgia’s counties, having locals on the ground also gives us an edge that few national firms have. Also, since we do have a national presence, we can bring our resources to benefit your case, including our patented databases on sales and comparable properties. There is no cost to join, as you will only be charged if we are able to lower your taxes. Your assessment cannot be increased by appealing and your home’s resale value will not be lowered either, meaning you have nothing to lose by joining forces with us. We offer services currently in Cobb, Dekalb, Fulton, and Gwinnett counties, for both residential and commercial properties.