Identify Property Owners: DeKalb Taxpayers

The above homeowners do hereby exercise the rights to appeal the proposed assessment change on the above parcel.

For a number of reasons, the homeowners believe the current value placed on their property are unrealistic, excessive, and exorbitant. The proposed appraised fair market value does not appropriately reflect conditions prevalent in the land lot where this piece of property is located. Those reasons include the recent sales history of the land lot, economic conditions in and around it, the apparent inconsistency of appraisals within the immediate neighborhood, and the recent tax history of this parcel of land.

Recent real estate sales history of the land lot:

Since 1991, Land Lot 108, where the above reference property is located, thirty (30) residential properties and one (1) building were sold. Excluding the building, these residential properties sold for $1,549,038.00 or an average of $51,634.60. Including the building, which sold for $800,000.00, the average is $51,901.27. Over the period, the land lot had an average residential property sale price of less than $52,000.00. The median sales price was $53,000.00 and the mode was $55,000.00. The brand-new luxury homes built in this land lot in 1995 were over priced at $110,000.00. The builder reduced the advertised price to the low $90s. Only one of these homes appears in the history of the land lot as sold, and at a low 80s sales price of $84,500.00, less than the low $90s asked by the seller. The real estate sales history of this land lot does not support fair market sale prices in the $80,000 and above range. At least, the owners of these old pieces of property in this predominantly black neighborhood cannot take this to the bank for refinancing in the low 70's; the low 80s are out of the question.

Economic conditions in and area:

Since the 1970s, the south DeKalb County area where land lot 108 is located has been in constant economic decline. Over the course of this period, the area witnessed the closing of a K-Mart and Food Lion, which was replaced by a Super Value, the grocery store later closed; now the little shopping area is just another abandoned building and grass-covered parking lot. The Gresham shopping plaza near I-20 is filled with struggling retail establishments, and a parking lot of pot holes. The Colonial baking store is leaving; the property owner refuses to make investments in renovating and/or adding onto the thirty (30) plus year-old building. The property owner knows it is not economically feasible to make the investment. This is an old neighborhood; the homes were built during the fifties. Their more than forty (40) years= old infrastructures require continuously up keeping. Banks are unwilling to lend home improvement money on property that will not raise the market value of the improved property. The County has not made improvements such as sidewalks, curbs, drains, lighting, schools, and playgrounds. In two, nearly three decades, the neighborhood has continued declining. This once predominantly white neighborhood is now majority black. A once growing community is now a redlined victim of white flight.

In polling neighbors, the fair market property values ranged from a high of $65,000.00 to a low of $45,000.00. There are a number of homes for sale in the area. Others have been converted to rental property. Sellers faced with the existing conditions in land lot 108 will not command a sales price greater than $65,000.00. Most will be sold, if they are sold at all, for considerably less than $65,000.00 based on the historical average, median and mode.

Recent tax increases on property:

In 1995, the county assessed the above property at a fair market value of $61,000.00 for a total property tax of $641.00. This total increased in 1996 to $777.00, as a result of improvements and a reassessment that increased the fair market value to $69,300.00, a 14% increase in the appraised fair market value of the property that yielded a 22% tax increase. While this seems high for the neighborhood, it is not too far out of line with the real estate market in this land lot. Other than the newly built house, at least one other piece of property sold for $67,000.00. The new fair market value for assessment is $83,600.00, a 21% increase in county=s fair market value of the property; it will yield a 22% tax increase from $777.00 to approximately $941.00. In two years, the fair market appraised value of the property will rise 37% from $61,000 to $83,600.00, if the current Afair@ market appraisal goes into effect. Property taxes will increase $300.00 going from $641.00 in 1995 to $941.00 for 1998, a 47% increase since 1996 is exorbitant anywhere, but more so in an area in economic decline.

For these reasons, the above property owners appeal this notice of a change in assessment.

Signature___________________________________________ Date________________________

Property Owner

Signature__________________________________________ Date_________________________

Property Owner

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