More than 150 Martin properties on list for possible tax sale
by Doug Walker, Associate Editor
Oct 11, 2012 | 13590 views | 26 26 comments | 23 23 recommendations | email to a friend | print
The building at 324 Broad St., a former law office, is one of the properties owned by Larry Martin. (Doug Walker / Rome News-Tribune)
The building at 324 Broad St., a former law office, is one of the properties owned by Larry Martin. (Doug Walker / Rome News-Tribune)
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Rome real estate mogul Larry Martin has about a month to ante up back taxes or face the loss of more than 150 properties in the Nov. 6 sheriff’s sale on the steps of the Floyd County Courthouse.

Legal advertisements for 158 Martin properties are running in the Rome News-Tribune today.

“We’re going to come through, our timing is just not good,” Martin said. “We had a big closing that didn’t happen. It was supposed to happen in July, plus our collections are just awful.”

Floyd County Tax Commissioner Kevin Payne said Martin owes back taxes for 2009-2011, and by the middle of next month will owe for a fourth year. Payne said he has had discussions with Martin and that the real estate executive has promised to bring in a “sizeable” check soon.

“He is supposed to at least pay me the oldest year, which is usually in these things about half of it,” Payne said. “If he does that it would buy him a little time. If he pays two years that would be good. If he pays just one year, I will remove him from the tax sale temporarily, but Nov. 16 of next month he’s going to owe three years again, which means I’ll be putting him back on the tax sale for next year.”

Payne said that if Martin pays his 2009 taxes, that would amount to approximately $330,000, which includes the cost of legal advertising.

“If he does just that, it will buy him a little bit of time,” Payne said.

Martin declined to give an estimate of how much he was going to be able to pay before the Nov. 6 sale date.

“Our local folks are working with us but the banks that got taken over, of course, they can’t show any mercy. They can’t work with you at all,” Martin said. “We’re hit in so many different ways.”

The proceeds of any payment Martin brings in would benefit the city of Rome, Floyd County and both school systems, though Payne could not specifically break out the various figures. The tax commissioner said Martin has brought in payments for perhaps as many as 20 properties already during the course of the past year.

He properties listed for possible inclusion in the sheriff’s tax sale range from small residential lots up to a 153-acre tract on Halstead Smith Road and an 82.3-acre parcel on Tom Bing Road. Four downtown properties are included on the list as well: 404 and 405 Tribune St., along with 205 and 324 Broad St.

Martin said the mere fact that legal advertisements are running will send some tenants looking for other locations but that this was just a matter of timing.

“We’ll get it taken care of, but the time for keeping it from being advertised just ran out,” Martin said.
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Comments
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Greatrome
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October 21, 2012
There are some hateful people in this community! It is too bad we can't get up some of this hostility and go after the lazy thieves in our community that have walked away with tons of stolen copper. and how about the crackheads getting food stamps that they then go and sell for drugs. Or the drug addicts lining up the waiting rooms in our hospitals trying to convince some Dr to give them some prescription pain meds.

But no, let's go beat the hell out of someone that has actually worked to try to improve the area.
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CharlesFord
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October 13, 2012
I have invested in property in this town for 25 years.The first 15 years or so you could count on property taxes being about 3-5% of the rental income.The last ten years it is between 15-20%. No business can afford to pay that much off the top and survive.Example: 3 bed 2 bath home in garden lakes, I collect 700.00 per month taxes average 110.00 per month= 15.7% taxes. Then add 3 heat and air units stolen at 2500.00. Copper wiring at 1800.00. OH yes the state requires me to maintain a license to do repairs on my own properties several hundred dollars plus continuing education on how to drive a nail. And the city inspectors constantly are adding cost to repairs and yes I can see How MR. Martin could be behind on his taxes.
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AnotherPatriot
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October 12, 2012
We own ONE property in Rome and our taxes are paid EVERY year! How in the world does anyone allow this many properties to not have taxes paid on them for four years? The tax bills on some of the properties are 1/10th of what our taxes are. It looks more like bad money management, not bad economy.
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Romanlife
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October 11, 2012
Mr. Martin has built alot of our properties in Rome. He has employed hundreds of people and helped start up hundreds of mom and pop businesses.

Unfortunately, the economy has hit him just like it has hit countless other individuals and businesses. For the sake of every commercial property owner in our area I am hoping he pulls out of this economic slump. He has a great mind, and works morning noon and night. So if anybody can work through it, he can.

He has been hit by the loss of tenants, copper theft and lack of available financing. and there is no end in sight to this downturn.
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hellorome
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October 11, 2012
"For the sake of every commercial property owner in our area I am hoping he pulls out of this economic slump"

My question to this comment is why ?

The other commercial owners could buy his property up at a lower than going rate and then lower the rent to the level it should be before Larry bought everything the bank would loan him money for and then just ran the commercial rates in Floyd county through the roof.

"Hundreds of mom and pop businesses" show me 20 still in business or 15 ? and Auto Right is not one of them as he owns this out right. I think it is almost down right humorous at the extent people get on here and defend him a year ago and now.

HE'S ALMOST 4 YEARS BEHIND ON HIS TAXES AND YOU CALL THIS GREAT?

Do I think Larry is a good businessman of course he good.

Do I think he is a great businessman like the old saying goes The proof is in the pudding.

A great businessman makes it happen and doesn't talk about it in public forum.

The copper theft is just down right despicable and should be prosecuted more intensely than it is.

The loss of tenants is a combination of the worst economy our country has seen in decades and HIGH RENTAL RATES.

The commercial rates in Rome and Floyd county are much higher than any other county in Northwest Georgia.

If yourself (Romanlife) and Geekazoid would float him a loan for say 115,000 apiece he would be good again til this time next year.
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Romanlife
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October 12, 2012
The thing is if Larry Martin goes under and his portfolio all goes into foreclosure, then the banks will dump it for pennies on the dollar. And fine, but it will hurt other commercial property owners because the appraised values of their properties will all dramatically drop. So when their commercial loans come up for renewal, many of the appraised values won't support the loan amounts. They will have to either come up will more collateral, or try to borrow more money. So there will be more foreclosures. On and on.

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hellorome
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October 12, 2012
Do you really believe that will hurt half as bad as the last 5-8 years ? Not even close. The value had dropped so badly in those years that this will only seem like a molehill compared to the mountain of the last 8 years.
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opinionatedlady
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October 13, 2012
Please name a few of these 'hundreds' of mom and pop bussiness, I find your statements to ring untrue.
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CharlesFord
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October 13, 2012
I am one o f those mom and pops. Started a business in 1986 and rented the building from Larry Martin. He worked out a deal on rent I could afford and came by regularly to check on me. He also loaned me fixtures and gave me advice to help me succeed. Most people have never been self employed and have no real idea how difficult it is. My wife worked in the government for 13 years and when she came to work with me she could not believe the difference in how things are. She actually apologized to me for the attitude she had developed in the public sector. If you run your own business you are really what makes this country.
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BillGore
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October 17, 2012
I am another one of those "Mom and POP" businesses and have faced challenges over the last 4 years that have not been seen since the 30's.I also rent from Larry Martin and I can tell you that had he not been willing to work with me through some of these times,I too would probably be one of those statistics.When people get on someone else when hard times come,that is just shameful. I was always tought to have compassion for others when they were hurting. If you have not experienced things like this previously, you probably will. How will you want to be treated when it happens to you?
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gonegooddog
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October 11, 2012
To county employees, your contribution to the real estate market is appreciated. You are free to return to the food stamp lines.
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gonegooddog
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October 11, 2012
Now it is understood why county employees have not received a pay increase in six years (with furloughs),and a 1% this year is out of the question.
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anabelle_lee
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October 11, 2012
Why are they giving him until November. I know someone that had their property up for sale in March of this year for the same type of delinquency.
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BillGore
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October 17, 2012
Should for what ever reason you found yourself in this position,HOW LONG WOULD YOU WANT TO WORK THROUGH THIS?
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anabelle_lee
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October 11, 2012
rnt where can we get a list of properties?
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npcomaster
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October 11, 2012
The list is in the legal section of today's (Thursday Oct. 11) newspaper. It's pretty extensive.
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The_WaTchR
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October 11, 2012
Here is the list of properties going up in the November sale.

http://www.floydcountytax.com/_fileUploads/taxSale.pdf
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Quityerwhinin
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October 12, 2012
My taxes have not consistently gone down over the last four years like most of those properties have. What gives?
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geekazoid
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October 11, 2012
What I find disturbing is that Mr. Payne is discussing details of an individual's account in a public forum. He should not be.
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hellorome
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October 11, 2012
It's public record what's the problem?? It's in the paper and it's not breaking any laws what's the problem?? One question to you are you his relative or just good friend? Sorry that Mr.Martin is having hard times we all are and it's from the bottom all the way up to the top as you can now see.
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BillGore
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October 17, 2012
It's unfortunate but this kind of info has always been of public record . The RNT decided long ago that ''digging this stuff up'' and making it available to the public without them having to go do it themselves would sell newspapers.I think most of the posts here about Mr. Martin are done by people who have very little to do other than kick a good man while he is down!
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opinionatedlady
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October 11, 2012
I would be glad to see a lot of the properties he has purchased turned back into residential. He has scooped up so many homes, including historical homes, and turned them into business buildings for rent, his attempt to do so on Turner Mccall was tharwted by the people in that residential area, this could be karma coming back to haunt him...
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BillGore
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October 17, 2012
Its obvious that you "observe" very little of what Larry Martin has undertaken in Floyd County. It seems to me that everything the man involves himself with looks better and is worth more than when he started which also increases the value on these properties which in return demands MORE taxes to be paid to our county.The property that you mentioned on Turner McCall is a prime example of people not being able to see past thier nose. Had you let Larry Martin develope the property the way he wanted to, you wouldn't be sitting there looking at the mess it is now.Larry has done enough for Floyd County to earn his spot and I for one have no problem giving him the time needed to take care of his business. I would recommend that you walk in his shoes and then talk.
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coosatown
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October 11, 2012
Mr. Martin has revitalized a lot of older properties in Rome that would otherwise be dilapidated or gone.And he made a fortune doing so. The real estate market is dying as did the dinosaurs. It's a slow death, but once gone, gone forever.
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LimitGovernment
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October 12, 2012
Larry Martin is a good man and has been very good for Rome. I do wish he would open a womens clothing store so that my husband could splurge on me now and again.....
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BillGore
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October 17, 2012
What is wrong with Mr. Martin buying older properties and making them better?What would you do differently if you had the opportunities?I think we should be patting him on the back for doing so!
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