Alix's Real Estate Ramblings & Resources: January 2011

Wednesday, January 26, 2011

JUST LISTED - Wonderful Grant Park Home!

259 Georgia Avenue

Offered at $269,000

3 spacious bedrooms, 2.5 updated baths

MLS #4173191

Fabulous Grant Park home just blocks from the park and in the Neighborhood Charter School district! All the character and details of an old home with the systems and updates of a new one!

Large, level fenced yard with secure off-street parking
Rocking chair front porch and huge back deck
Gleaming wide-plank pine floors throughout & tons of natural light
Open, flowing floor plan perfect for entertaining
Chef's kitchen with granite, tons of storage, upgraded appliances, and a huge breakfast bar
Spacious master suite with trey ceilings, private balcony, and custom walk-in closet
Tons of wonderful architectural details make this home one-of-a-kind!

Hurry, it won't last long at this price!

Read more!

Tuesday, January 25, 2011

New Tax Implications for Short Sales

If you are like the small, but growing army of folks who have dumped their homes back on the banks in a short sale—and are feeling pretty good that you managed to get the bank to forgive all that debt you owed—stand-by! The IRS is about to dump an even bigger one on YOU!

Ever hear of a 1099-C? Not sure? Well, most people probably haven’t. But some of you will. Soon.

The 1099-C (pdf) is the form you should get for the total amount your lender lost on the deal for your house. And, guess what? The IRS has its own view on this: It considers this “loan forgiveness” as a source of taxable income for you.

That’s right. If you short sold on your house, you are more than likely to get a bill from the IRS to pay up taxes on the amount of the forgiven debt or else!

Come on, you didn’t really think it would be THAT easy? Did you?

Now, while I am not an accountant (I don’t even play one on TV)–and, DISCLAIMER ALERT!!! DISCLAIMER ALERT!!!, you SHOULD consult with one! I can tell you there are some handy but painful ways to avoid coughing up the money to the feds you saved on your short sale.

If you are bankrupt…like really…as in court discharged…you will probably get a pass from the IRS on this one. Also, if you were legally broke (insolvent) BEFORE any agreement was actually reached on the value of the short sale you may not have to pony up a dime.

(by Charles Feldman on January 13, 2010)

Read more!

Friday, January 21, 2011

Appealing your property taxes just got easier!

By law, GA counties are now required to send a notice of value to every property owner each year regardless of whether there is a value change or not. This is GREAT news because it will eliminate the need to file a "return" to dispute value.

NEW FOR 2011:

New legislation was recently passed which provides that all Georgia counties must mail an Annual Assessment Notice to all taxable real estate property owners every year, which will give every property owner the opportunity to appeal. We are scheduled to mail our 2011 Annual Assessment Notices in mid-May, 2011. This Notice will give you 45 days to appeal if you do not agree with the CURRENT VALUE displayed on the Notice.

If you received an Annual Assessment Notice and would like to appeal the new value, no appeal form is necessary. Simply write a letter stating that you are appealing, and include in your letter the following information:

Parcel Identification Number as found on the Notice of Assessment Change
Property Address
Your daytime phone number
Your intention to appeal to either: Board of Equalization, Hearing Officer, or Arbitration (description of each is provided below)
Any supporting documentation you may have as to why you disagree with our value.

Your letter of appeal must be hand-delivered or POSTMARKED BY THE U.S. POSTAL SERVICE by the Appeal Deadline date shown on the Notice to insure acceptance as a timely appeal. Late appeals will not be processed.

Read more!

Friday, January 7, 2011

Did you buy a home in 2010? Don't forget to file for your Homestead Exemption

A homestead exemption is a reduction in homeowners' property taxes. To qualify, you must own and occupy the home as your legal residence and primary domicile on January 1 of the year in which the exemption is being claimed (so since you bought a home in 2010, even if it was on December 31, 2010, this applies to you). Homeowners must apply for this exemption on or before the deadline required by their county (see links below). Once granted, this exemption is automatically renewed each year as long as they continually occupy the home under the same ownership. The home must be your legal residence for all purposes including the registration of your vehicles and the filing of your income tax.

You cannot file for homestead exemption on rental property, vacant land, or on more than one property. In addition to basic homestead exemption there are additional exemptions for residents age 62 and older and/or disabled and disabled veterans. You must apply for these exemptions in person. If you are adding or deleting a person's name on a deed, you must re-file for homestead. Refinancing your home will not affect your exemption.

Homeowners may need to provide the Warranty Deed, proof of residence, social security numbers, driver’s license and car tag info.

***if you live in the part of City of Atlanta which is also in DeKalb, you must file in both Fulton and DeKalb Counties***

Fulton County – deadline is April 1, 2011 404-612-6440

http://www.fultonassessor.org/Forms/HtmlFrame.aspx?mode=content/Taxreliefinformation

DeKalb County – deadline is March 1, 2011 404-298-4000

http://web.co.dekalb.ga.us/taxcommissioner/homesteadgen.html#applications

Gwinnett County – deadline is March 1, 2011 770-822-8800

http://gwinnetttaxcommissioner.manatron.com/Tabs/Property/HomesteadExemption.aspx

Cobb County – deadline is April 1, 2011 770-528-8600

http://www.cobbtax.org/Forms/HtmlFrame.aspx?mode=content/Exemptions.htm&LMparent=189

Clayton County - deadline is April 1, 2011 770-477-3311

http://www.claytoncountyga.gov/departments/tax-assessor/residential-property.aspx