HI All
can anyone help.
Got a county assessment Rockdale Couny, taxes have dropped, however I believe they should be reduced a further 30%.I understand that one can dispute this by writing to the County within 45 days, there are companies in US that will do this on your behalf for a fee.
I may look at doing this myself, I assume the County will need compariable sales which will be relatively easy to source, anything else?? I figure if I can save $500 why not give it a shot.
Anyone gone through this process.
WI
Thanks Freckle.
Good start.
Now I need to work out what they mean by millage rate means??Cheers, WI
You owe me girl
Definition of ‘Millage Rate’
The amount per $1,000 that is used to calculate taxes on property. Millage rates are most often found in personal property taxes, where the expressed millage rate is multiplied by the total taxable value of the property to arrive at the property taxes due. Millage rates are also used by school boards to calculate local school taxes to be collected, based on a derivation of the total property value within school district boundaries.Investopedia explains ‘Millage Rate’
The term is derived from the root word mill, which means “thousand”. Millage rates are often expressed mathematically with the symbol %o, as in 1%o, which is one part per thousand, or 0.1%. Millage rates for individual properties are usually found on the property deed itself.Read more: http://www.investopedia.com/terms/m/millagerate.asp#ixzz1vHFh9Qzy
Hey there WI,
Not sure if you have your own property manager in place or managing it yourself but most property managers offer this service for around a $75 fee.
Best to ask your manager when the last assessment was done and what the current assessed value is. If it is high then obviously it is worth the appeal, if its low or near to what you paid it might be worth staying put
Thanks JoelAREI
no, property management company not offering this, unfortunately, there were at one stage for $95 fee I have heard as much as $150.I have actually been able to source someone else to assist.
What I am curious about is how they establish value, I have read conflicting information.
Is it simply the price you paid for property, comparables???? Do you know
Whenever I research I seem to hit a dead end.
Thanks, WI
WI,
Millage rate is the rate each individual county sets for a Specific Area of the county,, And its a formula based on what services are there at the property, so whatever the millage rate is is multiplied by the counties assessed value and thereby creates your annual tax in a dollar amount. So millage rate 1.25% tax assessed 100k… taxes 1,250 a year… like that.
its one of the things that has kept me out of Texas millage rates can be 3 to 6%…. So have to be extremely careful in Texas about property tax's./
IE does it have public sewer or is it septic.
Public water or wells.
how big are the streets,,, what kind of fire and police etc etc… these all combine to make a millage rate,, so rates are different within miles of each other. The county only collects tax for the State… The tax's are State funds not city or county.
Appealing tax's is also all over the board US wize… here in Oregon near impossible to get anywhere with appeals.
Its a good question in GA. were you have seen such a huge drop in Values,, that can be easily substantiated.
Let us know how you make out… In MS we bring in the rental contract and they base the Non owner occs on a gross rent multiplyer type formula.
JLH
Hi All
Thought I would provide an update on this.
Select American Homes on my behalf had 2 of my county taxes reassessed and I have received a substantial reduction.
This has improved my cashflow from 15% net to 17.12% and 18% net.
In the last 3 month-5 months all my property purchases have risen and entry levels at $37K-$50K for large homes are just not around anymore, and it would not be realistic now to achieve these returns in Atlanta, not sure about any other States.
Cheers WI
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