Last year I wrote about Senate Bill 55 in the Georgia Senate. Basically, the bill required the Counties to include foreclosures in assessments. Previously, assessments for taxes excluded foreclosures, so they (falsly?) increased values and tax revenue to the counties.
While that makes it tough for the counties, it is a needed break for home owners. The counties complained that they would lose revenues... well, the people are losing revenue, too. They have to suck it up.
In the last year, the bill quietly passed and was signed into law by Governor Sonny Perdue.
Here is the link to the original post.
from Lanebailey.com
Lane
I'm thinking you are so right; they need to suck it up and give the residents a break by including foreclosures.
In our area we must take these non arms length transactions into account for appraisal value, so it seems only fair the County should too. Maybe that's why your State government is against it - the people have submit, so therefore the State should not.
On the other hand: I know a lot of REALTORs who think foreclosures should not be taken into account by buyers or lender appraisers....lest they tear down the value of everybody's home...including the agent's listing.
They do like to sneak things by us.
Thanks all.
Ron - The state is for it.. it was the counties that were balking.