The Surplus of Atlanta Government Properties- By: John Smith
The city of Atlanta witnessed an enormous increase in population and property ownership in the 1990ís and 2000ís. A vibrant urban life, coupled with affordable and charming suburbs, contributed to the growing sentiment of southern living and the growing job market. The city of Atlanta was hit by the recent economic recession much like other cities, allowing for a growing list of government seized properties due to tax defaults and other various seizures related to the government domain.
As a result, anyone interested in Atlanta government property certainly has tremendous opportunity during this time. Tax delinquency has grown into a large issue for the city of Atlanta. As property values increased, so did the taxes associated with such properties.
Unfortunately, during the late 90ís and early 2000ís, the government seized more property than they could possibly manage with burgeoning inventories and increased lot sizes, which prompted the need for legislative action.
As a result, the City of Atlanta created the Land Bank Authority to provide assistance to the city in order to maintain and profit from Atlanta government property. The Land Bank Authority has been successful in retaining and organizing all facets of government owned properties while selling them at a reasonable and accommodating profit. This, in turn, has resulted in Atlantaís increased efforts and recuperating tax losses.
Numerous versions of Atlanta government properties exist including homes, businesses, tax-lien seized properties (cars, boats, trucks, etc) and even land plots for building properties within zoning regulation. As property taxes are general at a rate of 20-30% of market value of these properties at any given time, the resale value of these properties have been sold at 30-40% of market value. Now is the perfect time to act on Atlanta government owned properties.
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