Georgia Board of Equalization Hearings for Affordable Housing Owners: What to Expect?

Georgia affordable housing owners often focus first on whether to file a property tax appeal. That is the right first step, especially when an assessment notice arrives and the appeal deadline is approaching. But once the appeal is filed, owners should also understand what may happen next, including the possibility of a hearing before the county Board of Equalization.

The Board of Equalization, often called the BOE, is a common forum for Georgia property tax appeals. It is where many disputes over assessed value are presented after the owner has filed a timely appeal with the county board of tax assessors. For LIHTC, HUD, USDA/RD, Section 8, and other rent-restricted multifamily properties, the hearing is not just a procedural step. It is an opportunity to explain why the county value may not reflect the actual economic and regulatory limitations of the property.

A BOE hearing is usually more practical than formal, but it should still be treated seriously. The owner, or the owner’s representative, must be prepared to identify the property, explain the requested value, present supporting evidence, and respond to questions from the board or the county appraisal staff. A concise, organized presentation is often more effective than a large volume of unorganized information.

Before the hearing, there may be informal discussion with county appraisal staff. In many cases, that informal stage is where a matter can be narrowed or resolved. For affordable housing properties, those discussions are especially important because the initial assessment may have been generated through a mass appraisal process that does not fully capture restricted rents, actual income and expenses, regulatory agreements, or subsidy structures. Providing the right information early can help the county understand why a value adjustment may be appropriate.

If the appeal proceeds to a hearing, the evidence should be tailored to the property type. A market-rate apartment presentation may not be enough for an LIHTC or other rent-restricted property. The relevant question is not simply what unrestricted apartments might rent for in the area. The better question is what this property can actually earn, what restrictions apply, what expenses it actually incurs, and how those facts affect value.

What Evidence Matters for Affordable Housing Properties

For an affordable housing appeal, useful evidence often includes the assessment notice, current and prior-year assessed values, rent rolls, operating statements, audited financial statements if available, regulatory agreements, land use restriction agreements, HAP contracts, USDA/RD loan or interest credit information, and any recent appraisal, purchase, refinance, or capital needs information.

The most important evidence is usually information that helps explain the property’s actual income-producing ability. Restricted rents, income limits, compliance obligations, required reserves, vacancy, collection loss, insurance increases, payroll, repairs, utilities, and other operating costs can all matter. If the assessment is based on assumptions that do not match the property’s actual economics, those differences should be identified clearly.

Comparable sales may also be relevant, but for LIHTC and rent-restricted properties they must be used carefully. A sale of an unrestricted apartment complex may not be a meaningful comparison if the subject property is burdened by rent restrictions and compliance obligations. Likewise, a sale involving tax credits, partnership interests, assumed financing, or other non-real-estate components may require careful analysis before it is used as valuation evidence.

Why the Presentation Should Be Simple and Organized

BOE members may not work with affordable housing valuation issues every day. A successful presentation should not assume that the board already understands the practical difference between a conventional apartment complex and a rent-restricted LIHTC property. The presentation should explain the distinction without becoming overly technical.

In most cases, the owner should be prepared to answer a few basic questions: What value did the county place on the property? What value does the owner believe is supportable? What income, expense, restriction, or market evidence supports the owner’s position? Why does the county’s value overstate the property’s actual fair market value?

The goal is not to recite every detail of the property’s compliance history. The goal is to connect the evidence to value. If restricted rents reduce income, show that. If expenses have increased materially, show that. If NOI does not support the county’s value, show the income approach calculation in a clear and understandable way.

What Happens After the Hearing

After a BOE hearing, the board issues a decision. Depending on the result, the owner may accept the decision or consider additional appeal rights. For many owners, however, the preferred outcome is to resolve the matter before further litigation is necessary. That is why a complete, credible presentation at the BOE stage is important.

For owners with multiple Georgia properties, the BOE process also provides useful information for future assessment years. It can reveal how a county is treating restricted rents, income approach assumptions, capitalization rates, subsidy structures, or other affordable housing valuation issues. That information can help guide future assessment reviews across the portfolio.

How Lovett Property Tax Advisors Can Help

Lovett Property Tax Advisors helps affordable housing and multifamily owners evaluate Georgia assessment notices, prepare appeals, communicate with county appraisal staff, and present valuation evidence when a Board of Equalization hearing is necessary.

For LIHTC, HUD, USDA/RD, Section 8, and other rent-restricted properties, our focus is on whether the assessment reflects the property’s actual restricted-income economics. If your Georgia assessment notice recently arrived or your appeal has been scheduled for hearing, Lovett PTA can help review the valuation issues and determine how best to present the appeal.

To request a review, send Lovett PTA the assessment notice, current rent roll, most recent operating statement, and any available regulatory or subsidy information. Lovett Property Tax Advisors | lovettpta.com | bates@lovettpta.com | (912) 844-1346