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12-19-09 Oconee Land values are down- Tax evaluations and Digest should follow in 2010

Land value decline in Oconee County is now a matter of record! (413.44 acres sold for $ 1.6 Million or an average of $ 3,869.96 per acre).

AVOC

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December 17, 2009

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Land values are down- Tax evaluations and Digest should follow in 2010

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By Wendell Dawson, Editor, AVOC, Inc

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Land value decline in Oconee County is now a matter of record! (413.44 acres sold for $ 1.6 Million or an average of $ 3,869.96 per acre).

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On December 11, 2009, DUN-LA-HUR DEVELOPMENT, INC sold to APALACHEE RIVER PROPERTIES, LLC, 413.44 acres on the Apalachee River and U S 441 for $ 1.6 Million or an average of $ 3,869.96 per acre (Deed Book 1043, Pages 235-236).   The same land was purchased by the seller on January 6, 2005, for a total price of $ 2,480,700.00 (Deed Book 782, Pages 510 -511).  

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See: Transfer Tax Form – Oconee County – PT- 61 108-2009-001408

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See Oconee Tax Parcels – Links Below:

A 10 005 (234.5 acres); A10 005BA (5 Acres); A 10 005B (109.35 Acres); A10 005C (67.26 Acres); A 10 005CEM (0.11  AC –Thrasher Cemetery); A 10 005CM2 (0.14 AC Floyd Cemetery)

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A tract across U S 441 reportedly is now owned by a bank.   Both of these tracts were parts of controversial rezones a couple of years ago.   Their earlier sales prices helped to support our escalating tax values and digest.    The values went up every year but it seems to be a different story now that prices are going down.

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APALACHEE

1-5-05 Apalachee River Rezone of 837.6 acres by Oconee BOC- PART 1

1-5-05 Apalachee River Rezone of 837.6 acres by Oconee BOC PART 2

1-17-06 Large Apalachee Rezone decided in Oconee court case not zoning action

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Tax assessors tend to ignore what they call “distress sales”.   However such sales have become a fact of life.   Every month we see pages of foreclosures and then a list of real estate sales in the deed books.   Many of the properties are sold by Banks or other Lenders.   These are not necessarily distress sales but a realization that values have declined.   Most all of us know it but local governments who have been riding the wave of ever increasing values and TAXES.   

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Local governments don’t want to lose the revenue but they may have no choice.  It would not be politically wise to raise the tax rate while the economy is so down.    Informed sources expect Oconee County to be several years coming out of the slump.   We have an over-supply of houses and lots.It will take a long time to reduce that inventory.Lower prices are a reflection of the market pressures.

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The Georgia Legislature made some changes last year in the assessment process but few counties are lowering their values in any significant amounts.   More changes are proposed in 2010.   One proposal would provide that a parcel could not be valued above its last sales price.   Some Influential Georgia Legislators are determined to take corrective action in the 2010 session of the General Assembly.   The County School Boards Association, Association of County Commissioners and the Georgia Municipal Association will aggressively resist the lowering.   However, they cannot match the pressure of 1,000s of taxpayers who have suffered during this recession.   Also, 2010 is election year for all legislators.

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See: Transfer Tax Form – Oconee County – PT- 61 108-2009-001408

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See Oconee Tax Parcels:

A 10 005 (234.5 acres); A10 005BA(5 Acres); A 10 005B (109.35 Acres); A10 005C (67.26 Acres); A 10 005CEM (0.11  AC –Thrasher Cemetery); A 10 005CM2 (0.14 AC Floyd Cemetery)

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A 10 005 (234.5 acres)

http://qpublic3.qpublic.net/ga_oconee.html?layers=parcel_sales+roads&mapmode=county#7

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A 10 005B (109.35 Acres)

http://qpublic3.qpublic.net/ga_oconee.html?layers=parcel_sales+roads&mapmode=county#8

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A 10 005CEM (0.11 AC –Thrasher Cemetery)

http://qpublic3.qpublic.net/ga_oconee.html?parcel=A 10005CEM&extent=2523055+1354700+2523415+1355100&layers=roads+parcel_sales#0&

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A 10 005CM2 (0.14  AC –Floyd Cemetery)

http://qpublic3.qpublic.net/ga_oconee.html?parcel=A 10005CM2&extent=2523306+1351572+2523746+1352036&layers=roads+parcel_sales#0


12-7-09 Why you’re paying too much in property taxes

http://www.ajc.com/news/why-youre-paying-too-228962.html

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Are your property taxes too high? - AJC – 12.-7-09

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Why you’re paying too much in property taxes

AJC investigation: System hasn't followed real estate reality

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Georgia’s property tax system imploded with last year’s historic real estate collapse. Across metro Atlanta, home values fell tens of thousands of dollars — sometimes hundreds of thousands — but tax appraisals did not follow them down.

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More Property Tax Reform for Georgia – Senator Chip Rogers -12-17-09

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Georgia Senate Majority Leader Chip Rogers

Newsletter - December 17, 2009

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Lawmakers propose property tax reform –AJC

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http://campaign.constantcontact.com/render?v=001PxvKDHU1N4ocJWH4mOETFllN_JQwQk4ewNEmA6LwwtmE4lPSg_r4fyLnrMn60f-pddgLmRg4zyRuYV6l8JleGiNBn-ez0w8S1nIcoiWvq1I%3D#LETTER.BLOCK9

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Senator Chip Rogers

Majority Leader

236 State Capitol

Atlanta, GA 30334


Property tax system under assault – AJC -12-15-09

http://www.ajc.com/news/atlanta/property-tax-system-under-242131.html

Any time a piece of property sells, county assessors would be prohibited from setting a tax value that is higher than the sale price, under a property tax reform proposal that legislators will begin debating next month.

Senate Majority Leader Chip Rogers (R-Woodstock) said the reform package coming from the Senate study committee he chairs will include that provision among a lengthy list of changes, including:

• Completely overhauling the appeals system.

• Scrapping property tax returns

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Neal Boortz - The truth about property taxes - AJC- 12.11.09

http://www.ajc.com/opinion/neal-boortz-the-truth-238720.html

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Are property taxes the solution? AJC-12-12-09
Experts evaluate property tax system - AJC-12-12-09

http://www.ajc.com/news/experts-evaluate-property-tax-239077.html
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How other states handle property taxes - AJC-12-12-09
http://www.ajc.com/news/how-other-states-handle-239097.html
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Gwinnett-Tax breaks fail to ease sting of depreciation – AJC – 12.10.09

AJC special investigation - Property tax meltdown

http://www.ajc.com/news/gwinnett/gwinnett-tax-breaks-fail-235997.html

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Public's apathy frustrates tax group

http://www.albanyherald.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=7973

Albany.Herald.Com

http://www.albanyherald.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=7973

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October 9, 2009

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Public's apathy frustrates tax group

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J.D. Sumner

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ALBANY - The public face of a local taxpayer group was critical of Albany and Dougherty County government officials - saying they don't understand business - while also trying to rally the public against apathy toward leadership.
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