Property Taxes and Tax Credits
-------------------------------------------------------------------------
Many of you have asked us about tax savings areas other than tax credits. Here's one -- the Investment Tax Credit and property taxes potentially apply to the same items - real and personal property.
We talked with Will Brown of Complex PTS (click here) about property taxes. He has a tremendous background in this area, and he thought the following key points would be important to you.
Your clients may be irritated at the county assessor's valuation of their businesses. They may be wondering how their property taxes are still not going down after almost two years of a tumbling real estate market. If your client missed their opportunities for an appeal in 2010 or are not satisfied with the results from an appeal, then recent changes in Georgia's property tax laws should make the appeal process easier for them in 2011.
SB 346 (click here) - was recently signed into law by the Governor. It includes more than 50 changes to Georgia's property tax law and will be enacted for the 2011 tax year. Several of the highlights include the following: - Requirement that every property owner receive annual Notice of Assessment, which guarantees right to appeal (i.e., no more need to file real property returns [PT-50R] to prompt an assessment notice)
- Expansion of appeal time-period from 30 to 45 days
- Alternative streamlined appeal option for property valued in excess of $1,000,000
- Requirement that all relevant sales, including distress sales, be included when determining Fair Market Value
Moratorium - Even though the property tax moratorium is still in effect through tax year 2011, do not miss out on an opportunity to reduce annual operating expenses that are unnecessary. File an appeal!
Savings in property taxes can be a large. Make sure your client is reviewing this area!
|
Quick Update - Legislation
------------------------------------------------------------------------- Here is an update on the 2010 Georgia legislative session we had previously mentioned:
HB 1405 (click here) - Recently signed by the Governor. This bill creates a council as well as a separate committee to study the state's current revenue structure (including tax credits) and make recommendations for changes starting in 2011.
Brad Dickson, Tarpley & Underwood P.C., will serve on the 11-member committee that will review the state's tax laws this summer and fall. (click here to see Atlanta Business Chronicle article)
Should be interesting, to say the least! So stay tuned, and don't forget to vote July 20!
|
About Us
-------------------------------------------------------------------------
Alpharesults has assembled a team with the specialized knowledge and approach required to obtain Georgia income tax credits. We are not a public accounting firm. Rather, our services complement those of public accounting firms and do not create conflicted loyalties, because our professionals do not perform attestation work or other external audit functions.
We focus on small to medium-sized businesses and work exclusively in Georgia with a wide variety of in-state and out-of-state accounting firms. For more information on our services, follow this link.
|
