Archive for June, 2010

Paradigm Tax Groups’ Proactive Negotiation Service

Monday, June 28th, 2010

Here at PTG we have found that working proactively with Jurisdictions on your Real Estate Tax Assessments can help with “Keeping the Lights On”. In addition to traditional appeals, Paradigm Tax Group has employed a proactive negotiation strategy in certain markets (California, Florida, Maryland, Virginia, and Washington, DC) which has been very successful in getting our clients “upfront” tax savings on their real estate taxes.

To learn more about the scope associated in proactively addressing assessments and the benefits of working proactively with the jurisdictions in settling the assessment, go here.

Posted in Hospitality, Real Property | No Comments »

Hotel Appraisals Still Have Clout with Lenders, Survey Shows

Wednesday, June 9th, 2010

A recent survey shows that despite the old adage that hotel lenders always take appraisals lightly, it is still the biggest factor when determining market pricing for hotel properties, despite the fact that many appraisers do not have specific knowledge of the lodging industry. According to National Real Estate Investor, the email survey had the majority of respondents (36.6%) indicate that appraised value is the way they determine pricing for a hotel they want to sell.

To learn more details from the survey conducted by Hotel Service, a Chicago-based hotel real estate brokerage and advisory services firm, and to read the full article from National Real Estate Investor, go here.

Posted in Hospitality, Hotels, Real Property | No Comments »

Georgia Passes Property Tax Assessment and Appeals Reform Bill

Tuesday, June 8th, 2010

The state of Georgia has passed the “Property Tax Assessment and Appeals Reform Bill” yesterday which will change property tax assessment procedures in the state. Highlights of the bill include:

  1. Every property owner will receive an Annual Notice of Assessment and the right to appeal;
  2. Every Notice of Assessment must contain the estimated property tax (in dollars);
  3. Appeal period has been extended to 45 days;
  4. Alternative streamlined appeal option for properties valued over $1,000,000;
  5. Automatic taxpayer victory on appeals when government fails to respond within 45 days;
  6. Requirement that all relevant sales, including distress sales, be included when determining Fair Market Value (FMV);
  7. Requirement that only “current use of property” be used in determining FMV;
  8. Sales price establishes FMV for next tax year.

Neel Robinson Attorneys at Law in Atlanta, GA, the authors of the above summary, advise to remember that a reduction in the assessment does not always reduce the actual bill.  Other factors such as the millage rate, homestead exemption, and other exemptions will also affect the final tax bill amount.

Posted in Eastern, Personal Property, Real Property | No Comments »