Property Tax Advising in Atlanta, GA
Errors in valuation and calculation are fairly common for individuals and businesses paying property taxes. In Atlanta, property values fluctuate and increase frequently, and it’s not uncommon for tax assessors to overestimate the value of your property. Whether this property is personal or part of your business assets, this can seriously affect your ability to earn revenue or save money.
A qualified accountant can help by ensuring your property is taxed at the correct market rate for your area. Using accurate property tax estimates in tax planning and then following up to ensure federal, state, and local governments are estimating the value of your property accurately—and appealing when necessary—can allow you to have a more cohesive way to complete tax preparation for your family or for your business.
What is Property Tax?
The simple definition of property tax is a tax levied on the current market value of any property you own. For individuals, property tax applies most often to real estate. Your home and any other properties you own are subject to local property tax in the area they reside, although there are times when two or more jurisdictions will claim the ability to levy property tax on the same property, wherein an accountant is useful in deciding your responsibilities.
For a business, property tax is incurred on any commercial property including “real” property, which is real estate and other immovable property, as well as some business personal property, like equipment. Calculating the amount of property tax owed is difficult because of the wide range of assets that can be included in the calculations. A qualified accountant can help you figure out the amount of property tax you owe so you remain compliant with local and state regulations.
How Can JDMA Help with Property Tax?
Property tax consulting is a service that’s included in our larger services concerning bookkeeping for businesses and accounting for individuals. Both scenarios call for financial oversight to ensure property tax values are calculated correctly on your part and by the locality that’s levying the tax. Your JDMA property tax expert can do the necessary research to find out whether your home or business property value is being correctly assessed.
For business owners, it’s a little more difficult, because property valuations aren’t as easily undertaken. However, JDMA can still help business owners appeal their tax burden on property. For individuals, this process involves researching the selling prices for homes in your area and deciding whether your property has been valued correctly based on this data.