Two years ago I wrote a post about a bill in front of the GA legislature that would require cities and counties to use the values of foreclosures when calculating tax assessments.
It passed... and it was signed... and it became law.
Honestly, I was hoping that there might be some noise from some counties by now, but there really hasn't been. Sure, they are complaining about having enough revenue, but they complain about not having enough revenue when they are flush with cash and funding truly stupid projects. Of course, the other part of it might be that many metro counties re-assessed a LOT of property just before the new law went into effect.
I still think that there will be some background whining from some local governments... We'll see.
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I'd love to hear from you...
Lane, our values all decreased because of foreclosure prices, but they just increased the levy rates...
Wow, that's interesting. Our assessors still require arms length transactions. I've chaired the Board of Equalization the last couple of years, and I'm really glad that fireclosures are not seriously considered when determining value. Of course, we don't have zillions of them, so....
Lane, I tell my clients that the most important thing is that their home be valued the same as comparable homes. The counties are going to raise the rates to have what they need. The homeowner will only pay extra if their home is overvalued to the other homes in the neighborhood.