Annual property reassessments are due to go in the mail today. Across Maryland, the average homeowner will see his or her assessment fall by 19.7%.
In Wicomico County, assessments will fall by just over 18%. Will that translate into lower property tax bills for county homeowners? No.
Despite the county’s 2% revenue cap, and the state’s 10% homestead tax credit, revenue from real property should not drop. It will take several years of declining assessments before an actual reduction in property taxes is seen.
7 comments:
Well, that just plain sucks! Everything drops but your taxes, imagine that!
As the assessments fall, so SHOULD the taxes...
You're wrong. I got my assessment last year. As a result of it, my property taxes did go down immediately.
If you assessment drops, your taxes will drop. Real estate taxes are based soley off of your Real Estate assessment.
Anon 1034 -
You should read all of the links. It explains why taxes will not go down for the vast majority of homeowners both in Wicomico County and in Maryland.
Lucky Wicomico!
If you reside in Somerset County, taxes INCREASED. Without a reduction of CONSTANT TAX YIELD to $0.855 the measly two point reduction the Commissioners blessed on us still RAISED TAXES.
Just plain theft!
These a$$holes in government use the law and point of a gun to steal money, just that plain and simple.
And for you lefties out there that are going to claim we need to pay for "essential services" well you can save your propaganda for the kool=aid drinkers.
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