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Atlanta Intown Real Estate Services Receives 2009 Best of Business Award

Posted: 02/26/2010
Small Business Commerce Association's Award Honors the Achievement

SAN FRANCISCO, Atlanta Intown Real Estate Services has been selected for the 2009 Best of Business Award in the Real Estate category by the Small Business Commerce Association (SBCA)

The Small Business Commerce Association (SBCA) is pleased to announce that Atlanta Intown Real Estate Services has been selected for the 2009 Best of Business Award in the Real Estate category.

The SBCA 2009 Award Program recognizes the top 5% of small businesses throughout the country. Using statistical research and consumer feedback, the SBCA identifies companies that we believe have demonstrated what makes small businesses a vital part of the American economy. The selection committee chooses the award winners from nominees based off statistical research and also information taken from monthly surveys administered by the SBCA, a review of consumer rankings, and other consumer reports. Award winners are a valuable asset to their community and exemplify what makes small businesses great.

About Small Business Commerce Association (SBCA)

Small Business Commerce Association (SBCA) is a San Francisco based organization. The SBCA is a private sector entity that aims to provide tactical guidance with many day to day issues that small business owners face. In addition to our main goal of providing a central repository of small business operational advice; we use consumer feedback to identify companies that exemplify what makes small business a vital part of the American economy.

SOURCE: Small Business Commerce Association



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NEW RULES FOR SHORT SALES

Posted: 02/11/2010
By Susanne Logan
slogan@campbellandbrannon.com

According to a recent article by John Adams in the Atlanta Journal-Constitution which appeared in the AJC Homefinder section on January 31, 2010, effective April 5, 2010 lenders participating in the president's Home Affordable Modification Program will be required to comply with a new rule issued by the Treasury related to short sales. This rule will require the lender to respond to short sale offers within 10 business days. The lenders who participate in the president's Home Affordable Modification Program include Bank of America, Wells Fargo and JP Morgan Chase. However, it is hoped that the lending industry, including Fannie Mae and Freddie Mac, will adopt the 10-day rule for all short sale offers.

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HOW TO BE PROACTIVE TO REDUCE YOUR REAL ESTATE TAXES

Posted: 02/11/2010
In an eight-part series from December 6-13, 2009 entitled “Property Tax Meltdown”(available at www.ajc.com/news) the Atlanta Journal-Constitution reported that county tax appraisers are setting higher values on residential properties than they are worth or even sold for. Across metro Atlanta home values have fallen significantly, but tax appraisals have not. After analyzing about 550,000 records that reflected every residential property sale and every change in tax value in Fulton, Dekalb, Cobb, Clayton and Gwinnett counties in 2009, the AJC found that for the first time, county appraisals are higher, and in some cases significantly higher, than property is now worth. Tens of thousands of homeowners are paying taxes based on values their properties no longer are worth.

If you are one of these taxpayers, you can be proactive and take matters into your own hands to initiate a review by the county board of tax assessors of your property's fair market value. You do not need to wait to see when, or for that matter if, the county tax assessor's office re-assesses your property. The mechanism for initiating this review is filing a Real Estate Property Tax Return. If you fail to file a return and the county board of tax assessors does not re-assess your property that year, you lose your ability to appeal and you will be required to pay taxes based on the assessed value from the prior year. The deadlines for filing vary by county. Some deadlines are March 1st and others are April 1st. For Fulton, Cobb and Clayton counties the deadline is April 1st. For Dekalb and Gwinnett counties the deadline is March 1st.

To file a Real Estate Property Tax Return, you can download the form from the county tax assessor's website. For Fulton County, the website address is www.fultonassessor.org. (Go to “Homestead Exemptions,” then “Taxpayer Return T.P.A.”) For Dekalb County, the website address is www.co.dekalb.ga.us/propappr. (Go to “Forms”, then “Real Estate Property Tax Return”.) When you fill out the form, you will declare the value that you think is the Fair Market Value. You will need your tax parcel identification number which is on your tax bill. If you do not have a copy of your tax bill, you can retrieve your parcel number by property address on your county tax assessor's website. You must file the Real Estate Property Tax Return in your county tax assessor's office. If you file by mail, it is advisable to send the tax return by certified mail, return receipt.

When a Real Estate Property Tax Return is filed, the county board of tax assessors must review the Return and respond in writing. If they agree with the Return value, you will receive a letter notifying you of this and that value will be used to calculate your taxes for the year. If they do not agree with your Return value, they will send you an Assessment Change Notice, which will then give you the right to appeal. If the board of tax assessors makes its own determination of value, you can either accept the county's new valuation or file an appeal. If the board of tax assessors denies your Return value and does not re-assess the value at all, then the appeal is automatic.

Appeals go to the county Board of Equalization. It is important to remember that you have the right not only to have you property valued at fair market value, but you also have the right for your property value to be “equalized” with comparable properties. This was more important when properties were undervalued by the tax assessors. An example of this would be in a situation where comparable condominium units were given different values, you could argue that you had the right to be equalized with your neighbors' values, even if they were below fair market value.

According to an article in the Atlanta Journal-Constitution on January 10, 2010, changing the state's property tax system will be a high priority on the list of matters to consider by state legislators this session, which began January 11, 2010. Senate Majority Leader, Chip Rogers (R-Woodstock) is “leading the charge” to make changes. You can track legislation online by going to www.legis.state.ga.us and clicking on the “legislation” icon below the House or Senate, depending on where the bill originated. By doing this you can view the bill in its entirety, track it through committees and see roll call votes. The General Assembly's home page (www.legis.state.ga.us) links to House and Senate members by name and by district and lists the legislator's email address. Hopefully the legislature will act to make needed changes for coming years, but for this year, take advantage of your ability to file a Real Estate Property Tax Return to avoid being taxed at a value that is higher than what your property is currently worth.

This article was written by Susanne Logan with Campbell & Brannon. She can be contacted at slogan@campbellandbrannon.com.

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Metro home prices increase year-over-year in November

Posted: 12/23/2009
By Michelle E. Shaw


The Atlanta Journal-Constitution

4:43 p.m. Tuesday, December 22, 2009

November provided good news in several forms for metro Atlanta's troubled housing market, including the first year-over-year increase in the price of existing single-family homes sold since at least 2008, according to the National Association of Realtors.

The 2 percent increase for the region, from $126,300 in November 2008 to $129,300 last month, bucked the national trend, which saw a 4 percent drop in sales price.

Steve Palm, president of Marietta-based SmartNumbers, called the price increase "the kind of improvement that you want to see."

“And there's more good news: Locally, price was flat for all housing types sold in November,” Palm said.

Another area that saw marked improvement was sales, which improved 33 percent over November 2008, according to the Realtors' data.

Palm said closings in metro Atlanta on new and existing single-family homes set a record for the greatest year-to-year percentage increase since 1995, when record keeping began.

“Our housing industry had been down for 13 consecutive quarters, but it is a very good bet that fourth quarter 2009 will have a year-to-year increase for all single-family closings,” he said.

Nationally, the price of an existing single-family home for November was $171,900, down from 179,900 the year before.

Though the November national median price of an existing single-family home has yet to catch up with that of a year ago, sales have skyrocketed. The number of homes sold improved 42 percent over November 2008, the data revealed. Adding in townhomes, condos and co-ops, existing home sales improved 44 percent over the same period last year.

The boost in sales is largely attributed to the original deadline of the federal tax credit for first-time home buyers, industry analysts say. That program, which provided an $8,000 tax credit for first-time buyers, was set to expire in November. It has since been extended to June 30 and now includes a $6,500 credit for repeat buyers.

Lawrence Yun, chief economist for the Realtors association, said the rise was expected. He also expects to see a drop in sales before spring.

“We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010,” he said in a news release.

A survey conducted by the Realtors association shows first-time buyers purchased 51 percent of homes in November, a slight improvement from 50 percent of transactions in October, the release said.

Tax appraisers have not kept up with the collapse in property values in parts of metro Atlanta, which means many homeowners are being taxed on value their property no longer holds. See “Property Tax Meltdown” at www.ajc.com/news/.


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Giving Thanks for Buyers' Tax Credit

Posted: 11/22/2009
By John Adams

For the AJC

As we approach the uniquely American tradition of Thanksgiving, we have been handed an extension of the First Time Homebuyer Tax Credit that bears close examination. It is bigger and better than before, and it offers something for almost everyone.

First, it extends and enhances the credit for first-time buyers. And second, it expands the program for the first time to include those who own a home now and are relocating.

If you are a potential first-time buyer, the qualifications for the credit have changed:

● You still must buy your first home, and you can qualify for a direct tax credit of 10 percent of the home's purchase price, up to a maximum of $8,000. But now you must have the home under contract by April 30, and you must close no later than July 1.

● Buying your “first home” means you have not owned any other principal residence for the past three years. It's OK if you own rental property or a second residence, such as a house at the beach.

● Under the new rules, the price of the house you buy must not exceed $800,000 or the entire credit is lost. The previous rules imposed no limit on purchase price.

● Also new, the income limits have been significantly expanded to include more Americans.

You can now qualify for the full credit with single income up to $125,000 and married filing jointly income of up to $225,000. Beyond that income, the credit begins to phase out and is eliminated completely for those earning more than $145,000 and $245,000, respectively.

It's important to know that the First Time Homebuyer Tax Credit is a “direct tax credit” and not a rebate or a grant. That matters because a tax credit is not considered to be income and is therefore not taxable. In contrast, the recent Cash for Clunkers rebates are considered income just as if you sold your used car to the dealer, and you would have to report those dollars on your tax return.

For most workers, getting a tax credit of $8,000 is roughly the equivalent of receiving a year-end bonus from your employer of nearly $12,000.

Because of the amount of fraud experienced with the prior program, the Internal Revenue Service now requires documentation. That means you'll attach your closing statement to your tax return. And for the first time, you must be at least 18 to claim the credit. No more infant home buyers.

The three-year occupancy requirement remains unchanged. If you move or sell within the 36 months following purchase, you'll be required to refund the entire amount of your credit to the government.

Next week, we will look at the new tax credit for current homeowners and see who qualifies.


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