Yesterday, SBYnews informed the public about how Wicomico experienced a 5% drop in property values in one month alone. It shouldn't come as a surprise for many of Wicomico residents as the real estate meltdown continues.
Please be advised that Wicomico County's residents were slated for a new 3-year Phased-In Market Value assessment method. Most of Wicomico residents were issued appraisals based on what the real estate market values were trading at during their peaks, before, the housing melt-down. Thus, to the detriment of many Wicomico County residents the appeal process broke down as many have inadvertently waived their right to an appeal by the State's newly implemented assessment procedures.
In order to take corrective action, one will be required to call into the Wicomico County Assessment Office and request an application for a re-appraisal in order to correct the Assessment defect.
In one Wicomico County neighborhood alone, Ole Town off of Pemberton Drive, one resident has reported a reduction by as much as $24,000.00 in their real property tax assessment. However, The real estate tax assessment on my own home increased 12.2% from 2008 - 2009 and 10.9% from 2009 - 2010 or a total of 24.41% over a two year period. This is a tremendous error for not only myself, but for a mulititude of taxpayers based on the newly implemented State Phased-In Value Assessment method.
The number to call to request a re-appraisal
Wicomico County Assessment Office
201 Baptist Street
Salisbury, Maryland 21801-4962
410-713-3560
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Funny how it works---in a booming market, the reassessments happen in a heartbeat. I moved to a newly incorporated city limit property about 3 years ago (BAD MISTAKE) and had 2 or 3 assessments in 6 months. Now the market is sour--where are the re-assessments?
ReplyDeleteJoe:
ReplyDeleteHow about posting the application so we can copy it without having to go thru the BS at the "Don Schaefer Dome"
It's really an Obamanation now!
ReplyDeleteI have mixed feelings about this Joe, first, I agree that we cannot sell our homes for what they are assessed however, I think that when we are in a cycle, it is important to realize that the whole financial basis of the county government is run on the expectation of revenue from many sources, and in this case, our property taxes. If the end of the cycle is this year, and I really do not know, I would suggest that we all make sure that the new appraisals for the next three year cycle are
ReplyDeletein line with the current downturn in the economy.And the budget of our county is written accordingly.
9:31 I agree with you. I contacted the tax office and they will send you the form but it will be for the year 2010. They are taking the tax payers money under false pretense for another year. This is the same thing Madoff done to investors. OOPS!!! I forgot this is the Government. I have one more question. Is this the accountability and putting trust of the people back into Government that Rick and his boys run their campaignon?
ReplyDelete