Real Estate News

Good question and it’s probably just as messed up as it always has been but it all depends on….the type of loan; type of financial institution (e.g., bank; savings and loan; independent mortgage lender/broker, etc,.), what goes wrong, and the responsible alphabet soup agency in Washington, DC…

The type of loan:
Government (FHA/VA/Farm/Other) or Conventional (Fannie Mae/Freddie Mac/Other)

The type of problem:
Lender behavior – scam (bait & switch) – fraud – etc,.

If you ever have a problem with your lender, who do you call when you can’t get anywhere with them?

In short:

• The Office of the Comptroller of the Currency (OCC) oversee and examines banks-savings and loans.

  
  The Office of the Comptroller of the Currency (OCC) issued the “Residential Real Estate Lending” booklet of the Comptroller’s Handbook. This revised booklet replaces the “Real Estate Loans” booklet issued in March 1990 (and examination procedures issued in March 1998). The revised booklet also replaces section 212, “One- to Four-Family Residential Real Estate Lending,” issued in February 2011 as part of the former Office of Thrift Supervision (OTS) Examination Handbook for the examination of federal savings associations (FSA).

  The revised booklet incorporates and reflects applicable national bank and federal savings association statutes and regulations, guidance, and examination procedures. The booklet also provides updated guidance to examiners on assessing and managing the risks associated with residential real estate (RRE) lending activities.

  This Comptroller’s Handbook booklet is intended to be a summary restatement of existing laws, regulations, and policies. Examiners and members of the public may use this booklet as reference for an overview of this subject. Nothing in this booklet should be interpreted as changing existing OCC policy.

• The Consumer Finance Protection Bureau (CFPB) oversees and examines complaints about lenders.
  
  The CFPB governs Independent Mortgage Brokers/Lenders..To file a complaint against any lender’s behavior, Click this CFPB complaint link

  Brief summary of Regulatory Oversight of the Mortgage Brokerage Industry published by The National Association of Mortgage Brokers follows:

  Mortgage brokers are governed by a host of federal laws and regulations. For example, mortgage brokers must comply with: the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA), the Home Ownership and Equity Protection Act (HOEPA), the Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act (ECOA), the Gramm-Leach-Bliley Act (GLBA), and the Federal Trade Commission Act (FTC Act), as well as fair lending and fair housing laws.

  Additionally, mortgage brokers are under the oversight of the Department of Housing and Urban Development (HUD) and the Federal Trade Commission (FTC); and to the extent their promulgated laws apply to mortgage brokers, the Federal Reserve Board, the Internal Revenue Service, and the Department of Labor.

  Mortgage brokers, like bankers and other lenders, comply with every federal law and regulation affecting the mortgage loan origination industry. Additionally, mortgage brokers comply with a host of state laws and regulations affecting their businesses, from which bankers and lenders are largely exempt.

  The regulation of mortgage brokers begins at the federal level, but it certainly does not end there. Mortgage brokers are licensed or registered and must comply with pre-licensure and continuing education requirements and criminal background checks in forty-nine states and the District of Columbia. Additionally, over half of these states require not only mortgage broker licensure, but the licensure or registration of brokers’ individual loan officers as well. An increasing number of states are requiring these originators to pass tests in order to become licensed. The same is not true for the thousands of loan officers employed by mortgage bankers and other lenders, who are exempt in most states from loan officer licensing statutes.

  Office of the Comptroller of the Currency exempts depository institutions from state licensing requirements, the states continue to increase their regulation of mortgage brokers and their individual loan officers. Many states also exempt lenders from licensing if they are approved by Fannie Mae or HUD, which subjects those lenders and their employees to significantly less regulation than most mortgage brokers.

  Mortgage brokers must also comply with numerous predatory lending and consumer protection laws, regulations and ordinances (i.e., UDAP laws). Again, this is not true for a great number of depository banks, mortgage bankers, mortgage lenders and their employed loan officers, which remain exempt due to federal agency preemption. Many states also subject mortgage brokers to oversight, audit and/or investigation by mortgage regulators, the state’s
  attorney general, or another state agency, and in some instances all three.

  The following is only a partial list of those federal regulatory agencies currently overseeing mortgage lenders under the Office of the Comptroller of the Currency (OCC), a unit of the Department of the Treasury:

• Office of Thrift Supervision (OTS; unit of Department of the Treasury)
• Federal Deposit Insurance Corporation (FDIC; supervises insured institutions)
• Federal Reserve Board (FRB; principal agency supervising financial health)
• National Credit Union Administration (NCUA; regulates federal credit unions)
• Federal Trade Commission (FTC; resolves issues involving credit reporting agencies)
• Farm Credit Administration (FCA; regulates financial entities lending within the Farm Credit System including the Federal Agricultural Mortgage Corporation–Farmer Mac)
• Department of Housing and Urban Development (HUD) (issues the rules to insure—and effectively regulates—-FHA Loans).
  
  It is easy to see how regulation procedures could become lax. There are too many regulatory agencies, and they are tripping over each other’s feet. Officials from President Obama’s administration believe this lack of strength on the part of federal regulatory authorities was critical to the advent of financial crisis.

  Read more : http://www.ehow.com/about_5241306_federal-agency-regulates-mortgage-lenders_.html.

  If You Have a complaint against a lender:

  You may file a complaint regarding fraud or a scam with the Bureau of Consumer Protection of the Federal Trade Commission (FTC) enforces a variety of consumer protection laws protect consumers against unfair, deceptive, or fraudulent practices.

  List of federal agencies that review compliance by particular types of lenders:

• Board of Governors of the Federal Reserve System (FRS) oversees state-chartered banks and trust companies that belong to the Federal Reserve System.
• Federal Deposit Insurance Corporation (FDIC) regulates state-chartered banks that do not belong to the Federal Reserve System.
• Office of the Controller of the Currency (OCC) regulates banks that have the word “National” in or the letters “N.A.” after their names.
• National Credit Union Administration (NCUA) regulates federally charted credit unions.
• Office of Thrift Supervision (OTS) oversees federal savings and loans and federal savings banks.
• Bureau of Consumer Protection (BCP) handles other lenders.
  
  If you need help in deciding whom to contact with your consumer problem, the Federal Citizen Information Center of the U.S. General Services Administration (1-800-FED-INFO) has compiled a list of Federal agencies where you can document a complaint against a company….Good luck!

  State Insurance Regulators Each state has its own laws and regulations for all types of insurance, including car, homeowner and health insurance. Many of these offices can provide you with information to help you make informed insurance buying decisions.

  To file a complaint about prospective lenders making unsolicited calls to you with the National Do Not Call Registry, your phone number must have been on the registry for three months.

  For other sources of assistance, please refer to the Consumer Action Website.

  Ok…Well, that’s about it…until I find more to add…

  References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

Update July 11, 20-15: New TRID implementation date is October 3, 2015. The new “Closing Disclosure” forms (3 page Loan Estimate and 5 page Closing Disclosure) will replace the Truth In Lending, Good Faith Estimate, and HUD-1 forms.

Visit TILA-RESPA Integrated Disclosure rule implementation for more detailed explanation and analysis of Closing Disclosure forms.

TRID implementation will be delayed until 10-1-2015…or maybe 10-3-2015…oh well, not on 8-1-2015.

Ok – Basically, the rules aren’t set in concrete just yet and pressure is mounting that the rule can start on time (8-1-2015), but enforcement may be pushed back a short period of time to get lenders acclimated to the process and work into the time tables. In fact, the CFPB (Consumer Finance Protection Bureau) has agreed not to take action over violations of using the new forms and timing…for now (and that means they can change their minds – anytime afterward).

History of Governmental Involvement: Two different Federal agencies developed these forms separately, under two Federal statutes: the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA). the Consumer Financial Protection Bureau (Bureau ) was tasked by Congress passing the Dodd-Frank Act to integrate the mortgage loan disclosures under TILA and RESPA Sections 4 and 5.

The Bureau has now finalized a rule with new, integrated disclosures – Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z) (78 FR 7973, Dec. 31, 2013) (TILA – RESPA rule )

The Good Faith Estimate (GFE) and (initial) Truth-in-Lending (TIL) disclosure have been combined into one new form – Loan Estimate. Similar to those old forms, the new Loan Estimate form is designed to provide disclosures that will be helpful to consumers in understanding the key features, costs, and risks of the mortgage loan for which they are applying, and must be provided to consumers no later than the third (3rd) business day after they submit a loan application.

The HUD-1 and (final) Truth-in-Lending disclosure (final TIL and, together with the initial TIL, the Truth-in-Lending forms) have been combined into another new form – Closing Disclosure – designed to provide disclosures that will be helpful to consumers to understand all the costs of the transaction. This form must be provided to consumers at least three (3) business days before consummation (i.e., closing) of the loan.

Almost all real estate loans are affected exccept for HELOCs; Reverse mortgages; or Chattel-dwelling loans, such as loans secured by a mobile home or by a dwelling that is not attached to real property (i.e., land).

Guide to the Loan Estimate and Closing Disclosure forms

TILA-RESPA Integrated Disclosure rules starting 8-1-2015

Update 7-13-2015: Most importantly, it appears that my former clients’ claim (part of porch/foundation pulling away after 9 years of the 10 years of coverage) filed with a structural warranty company has been approved awaiting estimates. But it is still a little unclear as to the extent of repair and further coverage of that repair….so stay tuned.

Other updates on 7-13-2015: update to structural warranty

Structural defect = actual physical damage to the designated load-bearing portions of a home caused by failure of such load-bearing portions that affects their load-bearing functions to the extent that the home becomes unsafe, unsanitary, or otherwise unlivable. Load-bearing components for the purpose of defining structural defects are defined as follows: Footing and foundation systems; beams; girders; lintels; columns; load-bearing walls and partitions; roof framing systems; and floor systems, including basement slabs in homes constructed in designated areas (see §203.207) containing expansive or collapsible soils. Damage to the following non load-bearing portions of the home is not considered a structural defect: Roofing; drywall and plaster; exterior siding; brick, stone, or stucco veneer; floor covering material; wall tile and other wall coverings; non load-bearing walls and partitions; concrete floors in attached garages; electrical; plumbing, heating, cooling and ventilation systems; appliances, fixtures and items of equipment; paint; doors and windows; trim, cabinets, hardware, and insulation.

Repair of a structural defect is limited to:

(1) The repair of damage to designated load-bearing portions of the home which is necessary to restore their load-bearing ability;

(2) The repair of designated non-load-bearing portions, items or systems of the home, damaged by the structural defect, which make the home unsafe, unsanitary or otherwise unlivable (such as the repair of inoperable windows, doors and the restoration of functionality of damaged electrical, plumbing, heating, cooling, and ventilating systems); and

(3) The repair and cosmetic correction of only those surfaces, finishes and coverings, original with the home, damaged by the structural defect, or which require removal and replacement attendant to repair of the structural defect, or to repair other damage directly attributable to the structural defect. It is the intent of this section to ensure the repair of a covered home to a condition approximately the condition just prior to the defect, not to a like new condition. It does not require refinishing of all interior or exterior surfaces if only one or two surfaces are damaged. It does not cover personal property items, not a part of the structure, which are damaged by the defect or as a result of the defect. It excludes damage covered by a homeowner’s casualty insurance policy.

Designated load bearing elements:

1. Footings and Foundation systems;
2. Beams;
3. Girders;
4. Lintels;
5. Columns;
6. Walls and partitions;
7. Roof framing systems; and
8. Floor systems

Those elements that aren’t covered:

1. Non-load-bearing partitions and walls;
2. Wall tile or paper, etc.;
3. Plaster, laths, or drywall;
4. Flooring and sub-flooring material;
5. Brick, stucco, stone or veneer;
6. Any type of exterior siding;
7. Roof shingles, roof tiles, sheathing, and tar paper;
8. Heating, cooling, ventilating, plumbing, electrical and mechanical systems;
9. Appliances, fixtures or items of equipment;
10. Doors, trim, cabinets, hardware,
11. Basement and other interior floating, ground-supported concrete slabs.

Source: http://www.ecfr.gov/cgi-bin/text-idx?SID=b0ffd78a1c0a1cacd20bf584e93c4e6a&mc=true&node=se24.2.203_1200&rgn=div8

This type of warranty may be provided but mostly purchased by a home builder (who may eventually go out of business leaving you alone to face the issues) to provide the appearance of peace of mind that there is someone to “fix” any structural/foundation issues in your home should they occur.

Now, there may be times when a foundation structure suddenly fails or explodes on a whim, but almost all other occurrences are usually not covered by them – or are they?

I’ve reviewed one structural warranty and man – you should see all the exclusions for this, that, and the other thing…

So, to answer the question, “it all depends” on the cause – and without detailed analysis to prove your side, the warranty probably doesn’t cover 95% of the times…

Just a guess though – could be more or less….

Since a residential structural warranty is an “insurance policy against certain structural deficiencies or problems” and requires State Insurance Commissioner’s approval to provide such a policy in your state, I suggest you consult with your State’s Office of Insurance Commissioner regarding the matter. They may have a consumer advocate who helps you understand the applicable coverage and works toward a resolution between you and the Warranty provider.

Note: I know of one former client who will be testing the integrity of his structural warranty real soon…stand by for the results and level of coverage….

Source for inspiration of post and a more detailed analysis of proposed coverage: Review of a Structural Home Warranty.

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

Disclaimer: This is just in jest and I have no real opinion on this matter either way…ok local governmental authorities?

Just like good ole’ St. Nick, who visits each and every home on Christmas Eve….the County or local municipal Tax Assessor’s office sends people to your house every so often (i.e., by Georgia law, about once every 3 years).

But in this case, he/she doesn’t visit young girls and boys or brings you presents or gifts, but decides how much money you don’t get to keep by increasing the value of your home and in result, fill your property tax debt stockings with a lump of …you know.

In Cobb County, if you look out the window at 12:00 (…that’s noon not Midnight), you may catch a glimpse of the chubby jolly ole’ St. Nickel getting out of his sleigh (the vehicle with County Tax Assessor on it).

Ho! Ho! Ho! – Up the taxes you go! Click-click-click …sound of the tax meter uptick!

So be good boys and girls and hide your household improvements and if you let this person down the chimney, he’ll not only take your milk and cookies, but he’ll charge you for it in higher taxes!

Some stories you’ll read are like the article All Mahoning County real estate is being reappraised. This is where new photograph technology like the GoogleCar allows vehicles to take pictures of homes/properties at normal driving speeds, without having to slow down or stop.

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

Did you know you can compare Homeowner’s Insurance Rates online through the State of Georgia website?

http://www.oci.ga.gov/ConsumerService/RateComparisons-Homeowner.aspx

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

Yes … Yes…They really look nice in the photos when you’re trying to sell your home and when your dinner guests arrive for the party…but…

You need to make sure your guests with pumps, stilettos, and other high heels take their shoes off or you’ll see round indentations the next day like someone pounded a small hammer into the floors all night long…

And if you have any dogs with toe nails, you will quickly see how Fluffy’s happiness to see you through the front door or a short game of hide-and-seek with the dog can do to make long, deep scratches into the floors…often requiring re-sanding and refinishing…at least when you attempt to resell a messy, scratched up hardwood floor.

How about those hardwood floors in the kitchen – just below your sink and food prep area – ever see what happens when you spill water on hardwood floors and don’t immediately get water up to ensure the floors remain dry? Not pretty and downright disgusting, but not to the flooring repair contractor. (Cha-ching!)

And what about sitting on the sofa or recliner? Will you need furniture feet stoppers, or just eventually break down and do what most people do…yes…get some area rugs to stop the furniture slide and …protect the finish on the hardwood floors!

Oh, and let’s not forget every little speck of dirt and those dust bunnies that are not as easily removed as a swipe of a vacuum cleaner attachment over a carpeted area and you have to use a swiffer or dust mop…because…you fear you might scratch the wood!

So…why not just carpet the room and forget the hardwoods and save some money?

Oh right…it’s the elegant look of the hardwood flooring and imaginary feel of elegance. Well, that lasts about one week after you move in…then it’s a mess…

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

Update April 30, 2015: One attorney found the email address of the fraudster was different from the actual seller’s email address by just one letter – this attempt to defraud the attorney is scary.

I recently was informed of a local metro Atlanta closing attorney that his computer system was breached and his email was compromised…but that also means that it’s possible his computer network was also compromised.

So what’s going on with the social security numbers of all the Buyers and Sellers around the country? Are their identities protected from fraud? Aren’t these the same individuals these days with excellent credit history? Who is protecting them?

In addition to providing your social security number to every doctor or medical professional service you encounter, so they can file lien or bad debt against you if you don’t pay, both Buyers and Sellers are also required to provide social security information to the closing attorney to “apparently” file with the IRS even as a Buyer?

What is this becoming but a proliferation of your identity theft exposure…

The only recourse you have right now to protect your identity from theft is “freezing your credit“!

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

The proper answer is… it all depends…followed by….consult a real estate attorney and seek advice in your case!

First, is the company still in business?
Second, if so, can you prove it was their fault?
Third, do they have the resources to correct the defect?
Fourth, do you have the resources to fight it?
Fifth, regardless if you win or lose, the lender still requires you to pay the loan – did you know that?

There have been many cases over the years where homeowners have sued developers, builders, banks, and others over defective construction (i.e. not in “good and workman-like manner” which has been defined as the way work is normally done by other contractors in the area/community) that they had no expertise, even the home inspector’s level of expertise to discover the defects.

The 2/10 Home Warranty (2 years for systems and 10 years for structures) normally will call for arbitration and not give the homeowner legal (i.e., court system) recourse for failure to properly install HVAC/Plumbing/Electrical systems and wall or foundation failure of the structure.

But what about the major subcontractors for the builder for grading the property or pouring the concrete foundation?

There was a recent case here in Georgia that the homeowners’ foundation cracked which was revealed to be caused for poor grading and compacting of the soil by a contractor and builder no longer in business. Oh, and the lender – they didn’t care it needed $25,000-50,000 repair, they still demanded the homeowner to pay on the loan…on the house that was basically uninhabitable…and if the homeowner was foreclosed on and lender had to swallow the loan – the homeowner will probably get an income tax bill on the uncovered loan amount.

A few examples in the past include:

(1) Improperly installed doors & windows resulting in mold;

(2) Incorrect installation of air conditioners resulting in mold;

(3) Incorrect grading and compacting of soil under the foundation of the home.

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

Probably several reasons, but if you think you want to buy a home – think and run the numbers again (and again) to make sure it’s right for you.

If you are on the fence about renting v. buying, there’s a comparison below you ought to make. If it doesn’t make sense for you to buy, then don’t. There are several expenses related to ownership and you will be responsible to handle the repairs to and maintenance of a home (such as HVAC, Roof, Windows, Flooring, Appliance, Painting, Landscaping, Furniture, etc.,), even (outside through your HOA fees) as well as inside a condominium.

Use the table below to run some numbers to see whether renting works better than mortgage payments. Consider all your expenses and remember that repairs, maintenance, and improvements to your home will be burdens to you…But is the noisy neighbor and changes happening in your apartment complex more incentive to buy a home than the cost of ownership?

It’s up to you, but think first before jumping into home ownership!

Rental Housing Expenses	Monthly		Annual
Rent (Compare this # with the “Estimated Principle and Interest Mortgage Payments” table at bottom of page that includes Property Taxes, PMI, and homeowner’s insurance.)		X 12 =
Utilities Not Covered by Rent:
–>Electric		X 12 =
—>Garbage		X 12 =
—>Natural Gas		X 12 =
—>Water/Sewer		X 12 =
—>Other		X 12 =
Total Housing Related Costs = (Rent plus utilities not covered by rent.)
Living Expenses (unrelated to housing expenses):
—>Car Insurance		X 12 =
—>Car Loan		X 12 =
—>Car Maintenance & Fuel		X 12 =
—>Clothing – New		X 12 =
—>Clothing – Dy Cleaning		X 12 =
—>Day Care		X 12 =
—>Entertainment – Dinner/Theatre/etc		X 12 =
—>Food – Entertainment		X 12 =
—>Food – Grocery Store		X 12 =
—>Health Care – Medicine/Visits/etc.		X 12 =
—>Insurance – Non Auto.		X 12 =
—>Other expenses:		X 12 =
—>Taxes:		X 12 =
—>Telephone/Internet		X 12 =
Total Living Expenses (unrelated to housing costs)=		X 12 =
Total Expenses (Housing & Non-Housing Costs)=		X 12 =
Savings for your Down Payment		X 12 =

Estimated Principle and Interest (P & I ONLY) Mortgage Payments
(Assuming 30 year fixed mortgage at 4.00%)

Loan Amt	100,000	150,000	200,000	250,000	300,000
Loan P&I	477.41	716.12	954.83	1,193.54	1,432.25

Mortgage Payments will be higher – Amounts above reflect only Principal & Interest (excluding Homeowner’s Insurance, Property Taxes, and Private Mortgage Insurance (PMI) on a $100,000-300,000 loan – Add another $300 per month to monthly P&I amount above (for homeowner’s insurance – property taxes – PMI) to get a closer approximation of your actual monthly mortgage payment.

Property tax homestead exemptions are due April 1st of each year…so it’s too late for you to file your homestead exemption for 2015. But get ready to challenge the market value of your property once your local governmental property taxing authority issues a statement of your home’s “estimated” market value.

Several metro Atlanta counties, under state law, will be sending out property value assessments within 2-4 months after homestead exemptions are filed.  Be sure to review the value of the property with those property values of those properties selling in or around your neighborhood.

The Atlanta Journal-Constitution reported in December 2010 of some issues with Metro Atlanta property taxes in the major Metro Atlanta Counties. The major concern for property owners is the valuation of each residential property for tax purposes seems to be inflated in many cases. The AJC conducted a comparison between thousands of home sales prices (in 2009 and 2010) and each County’s tax valuation of those properties and found some major discrepancies. Dekalb County reported about a 25% higher value than sales price on the average. Also, Dekalb County still has about 7,000-8,000 appeals waiting to be reviewed.

Section 5-2 of Georgia Senate Bill 346 (signed by Governor Perdue and became law effective 1-1-2011) required all Georgia Counties to use the actual sales price in the next year following the sale for valuation when calculating property taxes.

Look at your property tax bill. If you can’t lay your hands on it, you can look it up online. Many counties have searchable databases of residential property. (Web addresses for the five largest metro counties are below.)

Clayton: http://weba.co.clayton.ga.us/tcmsvr/htdocs/indextcm.shtml

Cobb: http://www.cobbtax.org/Search/?GenericSearch.aspx?mode=PARID

Note: Property owners should come prepared by bringing: evidence where fair market value can be challenged. And if dissatisfied with decision, property owner can file appeal with the Superior Court for a fee (usually less than $100).

DeKalb: http://web.co.dekalb.ga.us/taxcommissioner/search.asp

Fulton: http://www.fultoncountytaxes.org/fultoniwr/11_depts_property_taxes.asp

Gwinnett: http://gwinnetttaxcommissioner.manatron.com/Tabs/ViewPayYourTaxes.aspx

What do you know about sales of other homes in your neighborhood? Do home values seem to be going down? If so, the county may have overvalued your house for tax purposes. If you think your house has been overvalued for tax purposes, you now have two options:

File a property tax return(1) In the past, the best way to ensure you could appeal the county’s assessment of your property’s value was to file a form called a “property tax return,” which forced the assessor to send you a notice of your property value. Under new state law, assessors now must send a Notice of Current Assessment to all residential property owners. But in some cases, you may still want to file a return. To do so, download and print the one-page form found at: https://etax.dor.ga.gov/ptd/adm/forms/pt50r/LGS_TAXPAYERS_RETURN_OF_REAL_PROPERTY_PT50R.pdf.

(2) Section C of the form asks you to list last year’s “fair market value” on your land and your house. Then it asks you to list the value of the land and the house this year (as of Jan. 1, 2011). This is where you tell the county the value of your property has gone down. You must send the form to your county tax assessor between Jan. 1 and April 1, 2011.

(3) The assessor reviews your return and decides whether it reflects your property value. The county will respond with a Notice of Current Assessment between April and June.

(4) If the county turns you down, you have the right to appeal. But if the county agrees with your proposed value, it could save you the hassle of a formal appeal.

Appeal your appraisal(1) Previously, you could appeal your property assessment only if you filed a property tax return or if the county changed the value of your property. Beginning this year, anyone can appeal.

(2) File your appeal within 45 days of the date on your notice (counties have different deadlines). First stop: the county board of assessors. Most appeals are worked out there.

(3) If you can’t reach agreement with the board of assessors, the next stop for residential taxpayers is (a) board of equalization, which is a panel of county residents that hears appeals unresolved at the assessor level, or (b) binding arbitration, which involves submitting a written private appraisal to an arbitrator appointed by the superior court clerk. You can appeal a board of equalization decision to your county superior court. Note that both arbitration and appealing to superior court carry fees. There is no fee for an appeal to a board of equalization.

More information on appeal:   https://etax.dor.ga.gov/ptd/adm/taxguide/appeals.aspx