Dear editor: I hope everyone didn’t get the sticker shock I got when
I hope everyone didn’t get the sticker shock I got when I received my property tax assessment notices recently. My personal home and property increased by over 64% ($278,657 increase from last year). In recent years, my wife and I started purchasing a
In recent years, my wife and I started purchasing a few houses for rental income. We now have 17 rental properties in Putnam County. The Putnam County Tax Appraisers increased the value on these houses up to 63% of their last year’s value. In the past, I have tried to appeal properties before the Putnam County Equalization Board with very little success. After my last attempt at an appeal, I promised myself to never again waste my time with an appeal. Well, guess what? I am about to appeal many of my properties. Do you think I will get any success after they read this letter?
When I attend these meetings, it seems as though anything I say falls on deaf ears. The tax assessor makes his argument as to why the taxes have increased, and because he is a professional at trying to justify their reasons, the Equalization Board listens to them more than they do the property owners. The last time I attended an appeal meeting, I was very, very prepared. I had so many comparable properties to justify my appeal. However, my efforts were futile. I knew before the meeting was over pretty much how they were going to rule.
What I have witnessed many times is that the tax assessors value all houses with approximately the same square footage at the same value. They take no consideration that one house may have undergone extensive updates while another house has remained in mostly the original state.
When I attempt to tell them how much I paid for my houses, the tax assessors simply say, “well you got a good buy on that house.” The truth is that most of these houses are on the market for quite some time with no one showing any interest in them. This is because the houses are not always in the best condition. So I actually did not get a good buy on these houses. These are rental houses needing a little TLC but not a complete makeover. When the tax assessors use their comparisons, it usually is with houses that have received many updates, which increases their value. They simply should NOT compare newly updated houses to houses that are in fairly the original shape. I have many good friends on the Board of Equalization; however, I do not expect any favors but I do expect to be treated with a little respect when I present my views. I have many people calling me every week wanting to rent houses. They all tell me that there are no houses available in Putnam County to rent. I can understand why people no longer offer houses to rent as it is hard to justify charging enough rent to make it worthwhile for the owner.
I guess it is time for me to contact my tenants and let them know I might need to increase their rent by up to 64%. Perhaps I can get the tax assessors to make that argument for me since they are such good arbitrators. Is there anyone wanting to purchase 17 rental properties?!
I realize the assessors and the Equalization Board have unappreciated jobs. It is not my intent to be critical of them. Perhaps I should have had a cooling off period before addressing this matter. I do however feel I have every right to express my concerns.
Cary Walton
Eatonton