Taxes on Lofts/Condo/Townhouses (Atlanta, Dunwoody: sale, rentals, condos) - Georgia (GA) - City-Data Forum

ayahuasca_mike · 03-23-2009, 10:52 AM

Just wondering, as a Texan what am I looking at as far as taxes go for a property such as stated in the title thats going for $160,000-$200,000 in the Atlanta area. Midtown, Dunwoody and other nice areas.

Merin · 03-23-2009, 11:03 AM

If you go to the Fulton County Tax website, you can search for property tax bills by address. Just google Fulton County Taxes and you should be able to find it.

Mishap · 03-23-2009, 12:14 PM

Zillow has past tax data on a lot of units if you know the specific building/units you're planning on looking at as well. I'm researching in the Midtown area and most condos I've seen vary between 2200-3800 depending on when it last sold. The homestead exemption was taken on most of the units down in the 2000 range. The ones closer to 4k are usually rentals so the owner can't file the exemption.

Iconographer · 03-23-2009, 12:32 PM

Quote:

Originally Posted by Mishap

Zillow has past tax data on a lot of units if you know the specific building/units you're planning on looking at as well. I'm researching in the Midtown area and most condos I've seen vary between 2200-3800 depending on when it last sold. The homestead exemption was taken on most of the units down in the 2000 range. The ones closer to 4k are usually rentals so the owner can't file the exemption.

That sounds spot on. The taxes on my rental unit (City of Atlanta, valued at $210K) are about $3,800.

ayahuasca_mike · 03-23-2009, 12:51 PM

Thanks folks. I noticed that there seems to be a sort of over saturation of lofts within inner Atlanta, should this be of any concern?

lastminutemom · 03-23-2009, 12:56 PM

Yes. If you don't plan to own it for a long time. Newer buildings also generally have caps on the percentage of units that can be rented (sometimes as low as 10 percent never higher than about 25 or 30 percent). While this protects owners, it also messes you up if you want to move and are unable to sale.

Iconographer · 03-23-2009, 12:57 PM

Quote:

Originally Posted by moddestmike

Thanks folks. I noticed that there seems to be a sort of over saturation of lofts within inner Atlanta, should this be of any concern?

Yes, unless you're planning to hold on to it for a while. That goes for any condo unit in the Atlanta area. I think most realtors would tell you to go the single family route if you want some market potential over the next few years. It's going to take a while for the market to absorb the excess of condos in this town.

srnyong · 03-23-2009, 01:21 PM

I am looking at new construction condos and they flat out state - 1.75% tax on the sale price.

ayahuasca_mike · 03-23-2009, 02:00 PM

One last question guys and gals, do condos and lofts qualify for First time Home Owners exemptions etc....I can put up to 20% down if needed but being single I'd like to hold on to this cash for emergencies and the likes.

George Chong · 03-23-2009, 03:30 PM

Quote:

Originally Posted by moddestmike

One last question guys and gals, do condos and lofts qualify for First time Home Owners exemptions etc....I can put up to 20% down if needed but being single I'd like to hold on to this cash for emergencies and the likes.

Yes - but you have to live in the unit (primary residence), you cannot purchase a property as investment and receive the tax credit too.

You would also receive a $15K homestead exemption on your primary residence for property taxes in Fulton County. Fulton County Online - Homestead Exemption (http://www.fultoncountyga.gov/index.php?Itemid=197&id=259&option=com_content&tas k=view - broken link)

Over the next three years, the homestead exemption is going from $15K to $30K. Fulton County Online - New Homestead Exemption Laws Mean Good News for Fulton County Homeowners (http://www.fultoncountyga.gov/index.php?option=com_content&task=view&id=1496&Ite mid=473 - broken link)