Heads Up About Fulton County Property Tax Bills

If you’re thinking about an investment property in Fulton County, you should be aware that the Fulton County Board of Assessors announced a 25 percent median increase in the year’s home appraisals. Last year, Fulton County residents complained about drastic assessment increases. After those complains, Fulton County decided to keep assessments the same as the year before. Still, that won’t work this year. See, according to law, tax assessments must be close to market value and Fulton is doing very well.

Still, in Fulton County, the board of assessors did tell the public they would investigate properties that might have been wrongly appraised. In total, the board will have to review over 80,000 properties though. Tax bills will arrive any day now.

Still, just this week, WSB-TV Atlanta reported that Fulton County now faces legal action. The county is accused of “sales chasing,” or raising the assessment to its sales price while leaving other properties unchanged. Reportedly, one lawyer is considering a class action lawsuit over the matter.

There are great investment properties in Fulton County. That is certain. Just be prepared ahead of time for the possibility that taxes may be higher than you’ve anticipated.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten […]

Property Tax Relief In The State of Tennessee

Let’s talk about the State of Tennessee property tax relief program. Tennessee offers tax relief to certain eligible homeowners for all or part of paid property taxes. The tax relief isn’t an exemption. Homeowners still get a property tax bill and are still responsible for paying property tax each year. The amount of tax relief varies. The amount of tax relief issued by the State of Tennessee depends on the property assessment and the county or city tax rate. It might not be the same every year. Most property investors know, but this tax relief is only available for people’s primary residences. It’s not applicable for investment properties or second homes in the state.
Apply For Property Tax Relief
To apply for tax relief, homeowners can get an application from the local county trustee’s office of the city collecting official’s office. The property relief voucher is sent when the property bill is sent. In order to get relief, the homeowner has to actually present the voucher to the collecting official before the deadline date and pay any balance due on the property.
State of Tennessee Property Tax Freeze Program
Besides for the tax relief program, homeowners in Tennessee that are 65 years old or older by the end of the year might qualify for the Property Tax Freeze Program. This makes the amount of the property tax fixed, even if there is a rate increase! This program is also only for a primary residence, so it can’t be used for one of your investment properties.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the […]

By |April 30th, 2018|Hard Money, Taxes|0 Comments
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    Standard Deduction Increases for 2018, Freeing Up Some Extra Cash For Renters, Home Buyers

Standard Deduction Increases for 2018, Freeing Up Some Extra Cash For Renters, Home Buyers

Just a heads up: This year, changes to the federal tax law bring increases to the standard deduction that people can use when filing their 2018 taxes. Most Americans, including renters and home buyers of your investment properties claim the standard deduction, avoiding the hassle of itemizing on their federal tax returns every year. For 2017, the standard deduction for a married couple was $12,700.

Next April, the standard deduction for the same couple will be $24,000. Generally, this means a lower tax liability for the average renter or home buyer. Additionally, the Child and Family Tax Credit doubles per child to $2,000. Plus, the actual payable (refundable) portion goes up to $1,400 per child! This means a potential refund check for some who have not previously gotten refunds, even if they didn’t actually pay federal taxes. On top of that, some people with dependents (such as children older than 17) will see a tax credit of an extra $500.

In many cases, that will mean cash on hand and the ability to finally cover moving expenses or down payment costs on a mortgage. Obviously, some will pay off debt or take a vacation, but many others will use the money to finally purchase a home or move into a better rental. So, keep that in mind as you check out potential investment properties this year.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike […]

Paying North Carolina Property Taxes Online

In North Carolina, property tax gets paid to the counties. The property gets assessed locally. You won’t see a property tax bill from the North Carolina Department of Revenue. In most counties in North Carolina, the tax lien date is January 1, so if you own the property as of that date, you’re the one liable for paying the property tax.

Still, the N.C. Department of Revenue exercises general and specific supervision over the taxation of property in the whole state. North Carolina General Statute 105-289 covers that. The N.C. Department of Revenue’s Property Tax Division holds the responsibility of supervision. Contact your local property tax office for information regarding your tax bill.

For information regarding your property tax bill (real property and motor vehicles), contact your local property tax office (county telephone numbers). Here’s a handy list of tax offices. To pay property tax online, just go to the online payment center and choose your jurisdiction.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of […]

By |April 17th, 2018|Taxes|0 Comments

Tax Cuts and Jobs Act Allows Business Owners A Tax Break On Roofing Projects

Consider this: The Tax Cuts and Jobs Act offers business owners a new way to recover costs on projects including roofing projects as long as it’s on a qualifying project.
What is a Qualifying Project?
A depreciable tangible personal property purchased to use to conduct business counts as a qualifying project. The new Tax Cuts and Jobs Act lets businesses avoid devaluation on capital investments with expected lifespans of 20 years or less. So, while some roofs may last longer that 20 years, Everyone knows the lifespan of an asphalt shingle roof is considered 20 years.

Plus, the maximum investment is $2.5 million!

The new tax law includes business improvements, if you can believe it. Imagine deducting the cost of a roof all in one single year! The brand new Tax Cuts and Jobs Act is expected to extend through 2025, so there’s no need to rush. Remember, we’re hard money lenders, we’re not tax experts. So, check with your CPA to make sure you do everything needed to take advantage of this opportunity!

Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure […]

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    North Carolina Disabled Veterans Homestead Property Tax Relief

North Carolina Disabled Veterans Homestead Property Tax Relief

We have worked with many veterans interested in flipping houses or purchasing rental properties. So, we like to pass along information that might benefit veterans when we come across it.

Did you know that in North Carolina, veterans with a 100 percent total and permanent disability might qualify for a nice sizes property tax benefit? As usual, veterans seeking a benefit like this must have been honorably discharged. Unlike some other programs though, there is absolutely no age or income requirement for this North Carolina program. So, even if you are making good money on your rental home, you can still take advantage of this tax relief on your homestead. Surviving, unmarried spouses of these veterans also qualify.

Qualifying veterans or their surviving spouses can see an exclusion of the first $45,000 of the assessed value on their homesteads for property tax purposes. So, if the house gets assessed at $150,000, the veteran pays taxes as though it was assessed at $105,000!
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be […]

By |April 8th, 2018|Taxes|0 Comments
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    How To Appeal The County Assessor’s Property Value In North Carolina

How To Appeal The County Assessor’s Property Value In North Carolina

 

North Carolina’s property tax is “ad valorem,” so you’re taxed based on the property value. But what happens when you disagree with the county assessor? The assessor revalues properties within the county at least every eight years. So, if you get a wrong value placed on your property, you could be paying the wrong tax on it for the next eight years!

It’s partly your responsibility to check your assessed value, if you own property. The good news is there is recourse. If you disagree with the assessment, you can appeal it. Imagine being over taxed for your property for nearly a decade. If the assessor’s value seems wrong, you can appeal it. To appeal your property’s assessed value in North Carolina, you can go to the local board of Equalization. Often you can just make informal contact and assessors will work with you, if they’ve made an error.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value […]

North Carolina Property Tax Comparison By County

If you’re thinking of flipping houses or maintaining investment real estate in North Carolina, you should know that the state has one of the lowest median property tax rates in the country. Only 14 states have a lower median property tax. On average, North Carolina counties collect an average of 0.78 percent of a properties assessed fair market value. To put this in perspective, the median property tax in North Carolina for a home worth $155,500, is $1,209 each year.

North Carolina’s property tax is “ad valorem.” In other words, it’s based on the value of the real estate property. The property value is determined by the county assessor. Each property has to be revalued at least once during every eight year span. This is how they determine the market value of the property for determining property taxes in North Carolina.

Obviously, the exact tax depends on the county your property is in. The highest property tax in the state is in Orange County and it levies an average of  $2,829. Montgomery County levies the lowest property tax, with county property owners paying an average of just $494 a year.

Would you like to see the comparison of property tax rated based on North Carolina counties? Tax-Rates.org offers a handy index of all property taxes by county.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is […]

North Carolina Property Tax Relief: Who Qualifies?

Do you have a loved one in North Carolina struggling with property taxes? Well, some North Carolina homeowners qualify for one of three programs offering property tax relief. You might want to look into this for them.
Low-Income Homestead Exclusion
Qualified low-income homeowners can apply for property tax relief through the State of North Carolina at their Assessor’s Office between January 1 and June 1 each year. Qualifying homeowners receive an exclusion of the taxable value of their residences of either $29,500, or 50 percent (whichever is greater).
Disabled Veterans Homestead Exclusion
Honorably discharged veteran homeowners, certified by the U.S Department of Veterans Affairs or another federal agency as having a service-related permanent and 100 total disability also qualify for property tax relief. Plus, surviving, unmarried spouses of these veterans also qualify. The State of North Carolina excludes the first $45,000 of assessed value from property taxes in this situation. There is absolutely no age or income requirement for this tax relief.
Property Tax Deferral for Disabled or Elderly Homeowners
If disabled or elderly residents in the state have income that doesn’t exceed 150 percent of the income eligibility limit for Homestead Exclusion, this tax deferral is another option. They must apply and elect to defer the portion of their taxes every year. It doesn’t actually reduce the taxes owed, but it does postpone to due date. Some choose to postpone the due date until they sell their home down the line. Not every disabled or elderly homeowner will qualify though.

 
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas.

Call us at 404-814-1644 or contact […]

Fulton County Tax Foreclosure Sales (and How to Find Them)

In the state of Georgia, it’s legal for the government to seize property, such as homes and land, for the nonpayment of taxes.

According to the Georgia Department of Law, a homeowner’s obligation to pay property taxes is backed by the property itself.

If a homeowner fails to pay, the county tax commissioner can sell the home to raise the amount due back in taxes. Often these homes sell for exceptionally low prices—but how does the whole process work?
How Does a Property Get Seized?
When a homeowner’s property taxes are past due, the tax collector can proceed through a non-judicial tax sale or a judicial tax sale. (The former doesn’t go to court, but the latter does.)
Non-Judicial Tax Sales in Fulton County
After the tax commissioner warns the owner and the payment deadline passes, the commissioner turns the case over to the sheriff’s department, issuing a writ of execution. The writ orders the sheriff to sell the property at auction to the highest bidder in what’s known as a sheriff’s levy and sale.

The sheriff must send out written notice and publish an official Notice of Sheriff’s Sale in the Daily Report.
Judicial Tax Sales in Fulton County
A judicial tax foreclosure sale, which is less common than a non-judicial tax sale is, requires the tax commissioner to go to court. The tax collector can take action exactly one year after the property taxes are due.

You’ll find properties up for judicial tax for closure sales in the Daily Report, as well.
Where to Find Tax Sales in Fulton County
Many REIs use the Daily Report’s online “Public Notices” section to find information on affordable properties that may actually be gold mines.
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