Why did my taxes go up?

There are a number of reasons:

• The millage rate has increased; 
• The home was previously owned by an elderly person 62 years old or older and they have an elderly exemption which you are not entitled to;
• The home has increased in value;
• The home was new construction and there was no owner-occupant on January 1  (test for whether homestead exemption should be given);
• The home was a rental property or was foreclosed the year prior to sale and there was no owner-occupant on January 1.

Taxes, as listed in the Multiple Listing Service (MLS), are a representation of what the tax office states the property was valued usually the year prior to the sale. Example, tax bill available is for 2010, house sells early in 2011, tax proration at closing is done based on 2010 taxes. Most tax offices publish the tax bill in October; however the assessment is published in the spring. If home is being sold by owner occupant, we may get more accurate information during the year if, in fact, the tax rate is about to change.

The tax man commeth and he's not always fair.

Since we have lost so much value in our properties, some folks haven't thought to have their taxes reviewed and are paying more than they should. 

I have had many clients ask me about how to appeal their taxes, so I thought I'd share what the Tax Assessor's office in Henry County, GA, told me today.