Area tax assessors are busy trying to estimate the impact that foreclosures will have on the local property tax base.
The number of foreclosures in Cherokee County north of Atlanta quadrupled in 2008, according to John Adams, the county’s chief assessor.
There were about 1,900 foreclosures in Cherokee County, compared to the 400 to 500 officials say they see most years. Adams said that the high number might have a bearing on assesments, according to an article that appeared in the Atlanta Journal Constitution.
Foreclosures typically drive down the price of homes near them. Market value plays an important part in tax assessments.
The county had enjoyed rapid increases in the value of its tax base over the last few years, according to Cherokee County Commission Chairman Buzz Aherns.
Efforts by President Obama’s administration to stem the rising tide of foreclosures are likely to be a hit with local governments across the country that depend upon property taxs to generate revenue.
The bankruptcy woes of former Clayton County Sheriff Victor Hill are a lesson for anyone considering filing bankruptcy in Georgia. Never try to hide cash or assets.
A report in the Atlanta Journal Constitution says that Hill was recently ordered by his bankruptcy trustee to turn over $25,000 in cash that was in a day-trading account set up for an on-line stock trading company incorporated in Nevada.
The former sheriff filed for bankruptcy two days before his term expired Jan 1 of this year. He lost his bid for reelection in an August run-off of last year’s Democratic primary. A number of federal lawsuits and other issues clouded Hill’s term in office.
But all of that is beside the point. When filing bankruptcy, the trustee and bankruptcy court will have access to all of your financial information. Attempting to hide cash or other assets is not a good idea. You could be making an enemy of the very system that you are reaching out to for help.
Bankruptcy laws are designed to shield some assets so that a person can start their life over fresh. In some cases, the assets may be exempted from the bankruptcy estate. A bankruptcy lawyer can explain how to best protect your property and assets.
Knowing nothing about Hill’s case personally, I can only imagine that his attorney knew nothing about the money in question. In order to have the best representation possible in your bankruptcy case, it is vital that you are open, forthright and honest about your situation with your bankruptcy attorney.
