Tuesday, December 28, 2010
Steve Fermier and Associated Press
Steve Fermier and Associated Press
The Maryland Department of Assessments and Taxation says real estate values on residential properties have dropped by 22 percent in the past three years, the largest decline in the history of the department.
The department mailed notices on Tuesday to about 739,765 property owners that reflected the drop
.
Maryland reassesses properties every three years. The new assessments are based on the sales of about 50,650 properties over that time.
While the assessments play a role in determining local property taxes, next July's tax bills will be calculated with tax rates set by local governments.
Source:
The department mailed notices on Tuesday to about 739,765 property owners that reflected the drop
.
Maryland reassesses properties every three years. The new assessments are based on the sales of about 50,650 properties over that time.
While the assessments play a role in determining local property taxes, next July's tax bills will be calculated with tax rates set by local governments.
Source:
8 comments:
My real estate tax went up significantly in 2010 and led to a sharp increase in my escrow payments. I live in Salisbury.
I don't think we are even near the housing bottom. A new report just released today says that the housing prices will continue to decline dramatically through the next few years.
http://www.scribd.com/doc/33390251/Dimension-Ing-the-Housing-Crisis
Folks - this is not good for America. Of 20 major US cities the prices are continuing to fall as I write this.
I heard the report this morning on CNBC. The real estate industry representative says that a 2nd wave of foreclosures is imminent and that the housing glut will continue to grow.
It is going to be yet another housing correction.
Don't look for any decrease in Wicomico or anywhere in the State of MD. Democrats will keep what they got and will not surrender any of it. Housing has been decreasing since 2009 and no tax decrease yet should tell you a lot. I would like to know what percentage this tax increase represents with the decreased value of property / home values. This is a definite tax increase through the back door.
we lost $60,000 of equity in our house when values dropped... yet, oddly our taxes remained just about the same. thanks to our wonderful govt!
I believe the assessments are on a rolling three year rotation, only a third get assessed each year. My assesment did not rocket up in the glory days, so I do not expect it to fall off a cliff now.
8:37, you are correct. People won't see a change from year to year. When you get assessed and when you pay the tax are not in sync because of the three year rolling. Takes a while to catch up.
Of course living here in Maryland where most of the population loves to be taxed we will most likely see a rise in taxes.
Frankly, I think it's time we vote on whether or not we agree with government theft and allow those that don't to continue the american dream of self reliance and pursuit of happiness.
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