Atlanta Condos For Sale

Your 2017 Fulton County Tax Bill

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Your 2017 Fulton County Tax BillBy now, your early Christmas present has arrived….Your 2017 Fulton County Tax Bill!

Along with the tax bill came some information about the 2017 tax rate. I’m not going to dive into all the numbers and millage rates….just some of the other information that was there. This can be useful to you if you are a new home owner, or perhaps looking to relocate to Atlanta. This will help you learn about the tax expense and benefit of owning a home (subject to any current tax plan under consideration by Congress)

2017 Tax Rate

Under Georgia Law, the Board of Tax Assessors determines the ‘Fair Market Value’ of your property, then ‘assesses’ it at 40% for tax purposes. Each year, Fulton County Government, the school boards, and each municipality set their respective budgets and millage rates. The following charts provide information concerning the financing of these services, including credits for sales tax. The Tax Bill was designed to serve the billing needs for both the Unincorporated area and Incorporated Cities within Fulton County. Your bill may also may include a rate for a Community Improvement District. 

You’ll find the aforementioned charts at the bottom of this post! 

Basic Homestead Exemption 

To qualify for basic Homestead Exemption you must own and occupy the property as your legal residence as of January 1 of the current tax year. So if you purchased in 2017, you will BE the owner as of January 1, 2018 and can file for the Exemption on your 2018 tax bill. You must file for this exemption by April 1, 2018 to receive it for the 2018 Tax Year. You can file your Homestead Exemption at any time, but, you must file by April 1.

Once you receive the Exemption, it is automatically renewed each year as long as you continuously occupy the home under the same ownership. 

Property Tax Returns

If you feel your property value is not reflective of fair market value, you should file a Property Tax Return requesting a change in the assessment between January 1 and April 1. If your Return is not accepted, you will receive your assessment notice, and then you have 45 days to file a formal appeal.  (See Below)

Payment of Taxes on Property Under Appeal (Don’t Pay, Don’t Stay….sort of)

When you signed your mortgage paperwork at closing (unless you paid cash) you heard me mention the phrase “If you don’t pay, you don’t stay” as it relates to your lender being able to foreclose on your home if you don’t make your payments. In this case, if you file an appeal, your taxes will still be paid by your lender out of your escrow account. If you are successful in your appeal, and your tax bill is reduced, you would see a credit (or refund) back to you from your lender when they review your escrow account. 

But, if you did pay cash, you still have to pay the tax bill you received to avoid interest, penalty, and/or foreclosure. 

Assessment Appeals

The Board of Tax Assessors is required to issue a notice of assessment for taxable tangible real and personal property. Once you receive this notice, you have 45 days to appeal said assessment. You can appeal based on taxability, value, uniformity, and/or the denial of an exemption.  When you make this appeal, it must be written and you must declare your chosen method of appeal…..

Three Methods of Appeal

Board of Equalization:  The appeal is filed by the property owners and reviewed by the Board of Assessors. The Board may change assessment and sena new notice. You may appeal THIS assessment in the amended notice within 30 days. The second appeal made by the property owner or any initial appeal which is not amended by the Board of Assessors is automatically forwarded to the Board of Equalization. A hearing is then scheduled and the Board renders its decision. A further appeal would be to Superior Court. 

Hearing Officer: The taxpayer may appeal to a Hearing Officer, who is a certified appraiser, when the issue of the appeal is the value of non-homestead real property, but only when the value is equal to or greater than $1M. Not satisfied here….Superior Court. 

Arbitration: An Arbitration appeal is filed with the Board of Assessors who must notify the taxpayer of the receipt of said appeal within 45 days. The taxpayer must submit a certified appraisal of the subject property. It may be accepted…or rejected. Rejected….the Board of Assessors must certify the appeal to the County Clerk of Superior Court for arbitration. Arbitration is authorized by the judge and a hearing is scheduled within 30 days. 

The arbitrator will issue a decision at the conclusion of the hearing, which is final and which may not be appealed further. 

(Now you know why you see arbitration in many real estate contracts (say a new home builder) as you can’t drag out an issue with multiple appeals or a law suit.)

If you have more questions about your tax bill, I am a real estate broker, not an accountant and I can’t speak for the Tax Assessor. I can help you get competitive market information to assist you in your appeal. But you can contact the Tax Assessors Office at (404) 613-6100 or online at FultonCountyTaxes.org

Featured Listing 949 Cardova Drive NE, Atlanta, GA 30324

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Featured Listing 949 Cardova Drive, NE Atlanta, GA 30324

Lindridge/Martin Manor has always been a great neighborhood to be close to all that is Midtown Atlanta, yet have the space and comfort of a single family home, but not quite the price you might find in Virginia Highlands! 

This beautiful 3 bedroom, 2 bath home features an open floor plan, perfect for entertaining! The renovated kitchen offers granite counters, stainless appliances and an island that overlooks both living and dining spaces. 

The living room features a fireplace with custom cabinets surrounding it. The open and spacious dining room has a bay window which affords lots of natural light. 

The Master suite features beautiful hardwood floors and a bath with shower. The hall bath and two additional bedrooms are spacious. 

If outdoor living is your desire in an Intown location, this home has it. From the screened in porch, to the additional deck and the large and deep back yard…you are sure to spend many a morning and evening enjoying this space. 

Lindridge/Martin Manor living offers you the opportunity to enjoy all that Midtown Atlanta has, only a few mintues away. Shopping is convenient at nearby Lenox Mall and Phipps Plaza. And the newly opened Kroger on Lindbergh is a totally new shopping concept with a bar and dining space. Not to mention numerous options for “grab-n-go” dining options for those busy nights.  If your schedule calls for travel, you are a short Uber/Lyft ride from the Lindbergh MARTA transit station! …With all that is around you, you will love calling Lindridge/Martin Manor home!

To schedule a private showing of this home, contact me! I’m always just a call or click away!

949 Cardova Drive NE Atlanta GA 30324

 

949 Cardova Drive, NE, Atlanta, GA 30324 (MLS#5936820)

$495,000.00

Interested in this home? Do you want to schedule a showing?

Just CLICK HERE TO CALL ME! 

 

Listing provided by ReMax Metro Atlanta Cityside

Learn MORE about Living In Midtown Atlanta HERE!

 

 

 

Downsizing Your Home? Consider These 5 Questions

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If you’ve landed on this post, or our website, chances are good you are looking to move into a condo. And possibly considering Downsizing Your Home!  Awesome! Here are 5 Questions to think about! (And we’ll throw in a bonus one too!)

Downsizing can mean going from that huge 5 bedroom home to a smaller, 3 bedroom home as well. 

Downsizing Your Home? Consider These 5 Questions

  1. 5 Questions to Ask When Downsizing Your HomeDo You Want to Cut Expenses? Living in smaller space can reduce any number of expenses, from electricity and gas to a lower mortgage and insurance payments. But as you make this transition, you want to compare ALL your monthly expenses….such as maintenance costs of a home (be it from larger to smaller) and the monthly HOA fees in a condo. Also, as you move, don’t forget the costs associated with buying and selling, such as realtor marketing fees, closing costs on a new mortgage and moving costs. 
  2. Do You Want More Free Time? Moving into a condo can free up lots of hours to do other things like work out in your new gym, take up a hobby or more traveling. You won’t have the yard to mow, the fence to paint or leaves to rake up. Certainly, you’ll have these if you move to a smaller home, but it may have a smaller yard that requires less time. Some communities might even provide lawn maintenance, such as a 55+ community. 
  3. Does Your Home No Longer Meet Your Needs? Are all three kids off in college? Who needs a 4-5 bedroom house for just two people? Or, maybe you’ve reached the point of not wanting to climb stairs and would like an En-Suite on the main floor? Laundry on the main floor? Maybe it’s a long drive from Cumming to Midtown Atlanta to enjoy plays at the Alliance Theater or exhibits at the High Museum? 
  4. Still Need Room to Host? If you expect your grown family to return often for visits, you may still need an extra bedroom, but 5 of them? So a smaller house could be the right choice. But if those family visits are just at holidays, maybe you get the Midtown condo, and YOU make the trip to visit the family elsewhere! 
  5. Want Better Cash Flow? With the market shift in the past few years, you are probably back to the point you have positive equity in your home. That can be used as a large down payment on the next home or condo, thereby reducing your mortgage payments. This can free up money on a monthly basis for other things! Again, you want to compare all costs of where you live now, and what they might be in a different location. Property taxes on a condo in the city could be higher than what you pay on a house, say in Cherokee County. But what money will you save in commuting expenses if you work in the area, or better yet, retire and can walk to those plays and museums?
  6. BONUS — Do You Want a Lifestyle Change? This applies mostly to going to condo living. It’s very different from all that space in a house! (I’ve done both, and can relate/help you understand the difference!) Being able to leave your car parked and walk, both for leisure and possibly to work, is wonderful. You might not even need a second car. You will also have to give serious consideration to downsizing the “stuff” you have. There is not all these closets and storage nooks in a condo. And if you have a priceless family piece of furniture, be SURE to tell your real estate agent you simply can’t give it up, and there needs to be room for that 12-foot dining room table (yep, had that challenge) or maybe a large desk. 

Downsizing is not a decision you should make in haste. Spend some time talking about it. Looking at the numbers. Another good thing, spend a weekend in a hotel in Midtown Atlanta. While it certainly is NOT like living in a condo, you can get the feel of being able to walk around, shop, dine and learn about city noises that you don’t hear in that John’s Creek subdivision where you are now. 

More questions about Downsizing? Email me or give me a call at 770.713.1505. Let’s meet for coffee in Midtown and chat!

Midtown Atlanta Real Estate Market Report October 2017

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Midtown Atlanta Real Estate Market Report October 2017In our Midtown Atlanta Real Estate Market Report October 2017, we want to make a disclaimer as to how we did the numbers this month. 

Midtown Atlanta is located within Area 23, a designated listing area by the First Multiple Listing Service. (FMLS) When we pulled the numbers for this report we used Area 23, and did not try to define it by just Midtown Atlanta. There is no classification with in the MLS for just Midtown Atlanta. So, this market report covers a broad area, as show in the map on the right. 

If you have specific questions about your neighborhood, or condominium building, we’d be happy to do a market report specifically for you. Just CONTACT US!

Midtown Atlanta Real Estate Market Report October 2017

Single Family Homes

Properties Active on the Market:  170

(High was $3.195M in Ansley Park to Low of $275,000 in Reynoldstown)

Properties Pending/Contingent: 75

(High was $1.249M for a home on Charles Allen to a Low of $315,000 in Reynoldstown)

Properties Sold:   29

(High was $1.74M in Morningside to the Low of $393,000 in Reynoldstown)

 

Condominiums and Townhomes

Properties Active on the Market:   232

(High was $4.336M for Opus Place and the low was $100k at City Heights and $105,000 at 1280 West)

Properties Pending/Contingent:   159

(High was $899,900 for a 7th Street townhome to a Low at $105,000 at 1280 West)

Properties Sold:   102

(High was $746,000 at Square @ Glen Iris to a low of $120,000 at 12th Street Commons)

As we pulled these numbers at the end of October, we completely forgot to do Average Days on the Market..Whoops!

If you’d rather hear this report in a video format, just click on the video below. 

If you have any questions about the Midtown Atlanta Real Estate Market, feel free to EMAIL ME, or you can call me at 770.713.1505

 

How Can I Lease My Midtown Atlanta Condo?

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How Can I Lease My Midtown Atlanta CondoYou’re a real estate investor. The Midtown market is hot, hot. You want to cash in and get an investment property.

You’re already a Midtown condo owner. You just met the guy (or girl) of your dreams and they want a house in the new real estate hot spot of Chamblee. But you want to keep the condo. 

How Can I Lease My Midtown Atlanta Condo?

All of the above are scenarios I encounter on a weekly or monthly basis. Another is that dreaded, ” I got a job in _______ (Fill in the blank) but I want to come back to Atlanta and I still want my condo here. Unfortunately, you may have a problem with what to DO with your condo….be it in Midtown or anywhere in Atlanta.

And this is nothing new, just because of the hot real estate market and limited inventory! I wrote about this very subject in 2012! 

You can’t just up and decide to lease your condo. All condominium buildings (well actually the Homeowner’s Association a.k.a. the HOA) have requirements as to the number of condos that can be rented at any given time. And that number in most buildings is around 25%. But why? It’s MY condo! I’ll do what I want with it!

NOT SO FAST!

When you purchased that condo, you agreed to abide by a set of rules and regulations, also called the Declaration of Condominium. They can also be called the CC & R’s ( Covenants, Conditions and Regulations). When you move into a condo building, you agree to these rules, and there will always be a provision regarding leasing your condo. And in that provision, you must have a leasing permit, issued by the HOA, to lease your condominium. 

And in most communities, certainly Midtown Atlanta, there is a waiting list to get such a permit. A long, long list.

Why Do I Have to Have a Leasing Permit? 

How can i lease my midtown atlanta condoOne primary reason is because of financing. Most lenders require a certain number of the homes in any community be owner-occupied. To get financing for a buyer, the lender will ask for a condo questionnaire to be completed, and the HOA must disclose how many homes are currently leased. If there is too high of a percentage, the lender may feel that a loan in that building is not a sound investment. There is also the un-founded truth that renters are less desirable neighbors, and don’t take care of a home like a homeowner would. (Not true..I’ve seen some pretty scary condos that were owner occupied…and I’ve seen many a owner bang into a wall, or scuff the paint with a suitcase of moving cart!)

Some HOA’s will allow a hardship leasing permit. Like the job example above? Let’s say you DO have to move out-of-state for a job, but want to move back as soon as you find a new job here in Atlanta! These situations are handled on a case-by-case basis, and differently from building to building. 

I’ll Just Rent It “Under The Table” They Will Never Know

Ah, that would be a big….NO! 

Have the HOA (remember that neighbor you never met…but now knows someone ELSE is living in your condo) find out you are renting and  your tenant could face eviction. You will most certainly get a fine…as little as $25 per day to as much as $500 per day. The HOA can turn off access to common areas like the garage where you park, the club room and any other amenities. It can get pretty messy. Probably NOT worth the risk. 

So if you are looking to buy a Midtown Atlanta condo, or a condo anywhere in the Atlanta area, make sure you place your name on the lease waiting list as soon as you close. Some HOA’s have a grace period of 90-120 days before you can, but get it on there when you can. It may take 4-5 years to clear the list, but when you do, it may be perfect timing to THEN turn it into an investment property and rent it! (And I can help you with that process!) 

Or you may have no choice but to sell. I can help you through that process as well. Here are some tips about selling your Midtown Atlanta condo!

Just know that you need to be living in that condo, and don’t think you will be renting it out! 

Beware of CyberFraud in Real Estate

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CyberFraud in Real EstateIt’s a strange, and sometimes kinda sad world we live in these days. Seems like everyone is out to get you, or your stuff, or your identity anyway they can. And now you have to beware of CyberFraud.

You have to be careful in keeping your home and car locked. Watch where you sign on to the Internet and what personal info you do while in the unprotected environment. (I can’t imagine using some city-wide wi-fi and doing some banking transactions…..shreek!) 

Well, the fraud gig has found its way to a part of the real estate transaction. The MOST important part of it…and that would be the money part! In Georgia, our closings are coordinated through a closing attorney. They complete all the necessary paperwork, but they represent the LENDER that requires all those documents to be signed. And part of this process, is the wiring of funds for the closing. This is mostly on the Buyer side of the closing, but there can be times when the Seller would have to wire funds as well. Well, now, there seems to be a chance that your funds for closing could end up in the wrong hands! 

When you are getting ready for the closing, you will get communication from the closing attorney regarding the wiring of your funds to their account. You will never get that request from myself, or my real estate brokerage. This will always come from the attorney’s office. 

That said, we offer up this caution regarding Cyber Fraud:

 

Beware of Cyber Fraud.

Fake e-mails attempting to get you to wire money to criminal computer hackers are increasingly common in real estate transactions. Under this scam, computer hackers fraudulently assume the online identity of the actual mortgage lender, closing attorney and/or real estate broker with whom you are working in the real estate transaction. Posing as a legitimate company, they then direct you to wire money to them. In many cases, the fake e-mail is sent from what appears to be the authentic web page of the legitimate company responsible for sending the wiring instructions.

You should use great caution in wiring funds based solely on wiring instructions sent to you by e-mail. Independently verifying the wiring instructions with someone from the company sending them is the best way to prevent fraud. In particular, you should treat as highly suspect any follow up e-mails you receive from a mortgage lender, closing attorney and/or real estate broker directing you to wire funds to a revised account number. Never verify wiring instructions by calling a telephone number provided along with a second set of wiring instructions since you may end up receiving a fake verification from the computer hackers trying to steal your money. Independently look up the telephone number of the company who is supposed to be sending you the wiring instructions to make sure you have the right one.

 

So, as the info suggests, when you get a request to wire funds, search out the firm separate from the info provided in the email. Then call, and confirm the wiring information. 

You just have to watch out for the bad guys. They can be anywhere!

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

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