The Savannah Board of Realtors recently approved the Realtor Body to start the Savannah Chapter of the Young Professionals Network.  This is an exciting time for us Realtors looking to expand our networking circles and develop new business relationships.  The Young Professionals Network (known also as YPN) will have some tremendous benefits for those Realtors new to the industry but even beneficial to those that are looking for more innovative ways to grow their business.  Here’s just a taste of what YPN strives for: 

REALTOR® Magazine launched the Young Professionals Network in 2006 as a way to help the younger generation of REALTORS® build a stronger link with the magazine and the real estate industry, in general. 

Through national networking events, a lively blog, and an information-packed Web site, REALTOR® Magazine’s Young Professionals Network gives its members the tools they need to advance their careers — and have fun in the process! 

Now doesn’t this sound like a group you want to get involved with?  Join us at 24E on March 30, 2011 from 5pm – 7pm for the Savannah YPN kickoff event.  If you would like more details, call Austin Hill    (912) 547-2714    (912) 547-2714 or myself at (912) 210-0511. 

This helpful information was provided by Elizabeth Thompson, a local real estate attorney in Savannah, Georgia.  As Realtors, we need to be knowledgable about all issues that effect our buyers and sellers.  This is just one great result of establishing and maintaining professional relationships in this industry. We share information with one another so that we can all be prepared to do our best.

♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦

The Georgia property tax code was amended effective January 1, 2011 in a way that appears to partially address our local Stephens-Day (S-D) issue.  Specifically, the definition of “Fair Market Value” under Section 48-5-2 has been amended and now states “[n]otwithstanding the any other provision of this chapter to the contrary, the transaction amount of the most recent arm’s length, bona fide sale in any year shall be the maximum allowable fair market value for the next taxable year.”

 So, the sales price is the highest value the Board of Assessors (BOA) can place on the property in the next tax year as long as it was part of a “arms length, bona fide sale”.  The definition of “Arms length, bona fide sale” under Section 48-5-2 was also amended to read:  “Arms length, bona fide sale means a transaction which has occurred in good faith without fraud or deceit carried our by unrelated or unaffiliated parties, as by a willing buyer and a willing seller, each acting in his or her own self-interest, including but not limited to a distress sale, short sale, bank sale, or sale at public auction.”

 Currently, the BOA will only allow homeowners to file for homestead and S-D at the same time, and they must do both or neither.  Given the BOA’s current policy you may still have to counsel your clients to wait to file for a homestead, but at least the subsequent year’s value will automatically be set at the sales price without a return or worrying about a change in value notice. 

Once the subsequent year’s value is set and the homestead is filed the S-D value is locked in at the sales price.