The Maryland Department of Assessments and Taxation said this week it had recently mailed out 678,763 assessment notices to property owners that reflect another decrease in real estate values, averaging 7 percent.
The last time these properties were assessed was 2009.
Under state law, properties are assessed every three years. They are assessed at current market value, to try to make sure owners pay state and local property taxes on accurate amounts.
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Good my property tax decrease will by far outweigh the 2% payroll SS tax hike.
ReplyDeleteMy assessment went from $191,300 to $121,300 which is almost 40% decrease. This is less than I paid for the property in 1996. Something is terrible wrong with this. I checked several other properties in my development and the same applys. They have decreased the value of our properties immensely. Of course this lowers our taxes but it also lowers the tax base of Wicomico County. What in the world is happening to property values in our county?
ReplyDeleteIt's easy to figure out if you think about it. They give you low assessments and then raise your taxes. In a few years when your home value goes up - your taxes will increase ten fold to pay for all the government spending!
ReplyDeleteIt's based on sales averages, 5:10 in the area. I truly believe the biggest problem is too much supply and not enough demand. If you are in a developement they have been hit the hardest esp the ones built during the boom. Older established neighborhoods without home owners fees are doing slightly better as are a unique property such as a farm or farmette.
ReplyDeleteours was nearly 2000 more than 7 %.
ReplyDeleteTaxes will be up & we'll probably pay the same. That way, we "won't complain". Wanna BET?
as taxes rise, i predict thet despite lowered assessment there will be no change in the tax bill. We'll have to wait until July to find out.
ReplyDelete