Maryland is ranked the third highest in the nation for foreclosures per housing units. There are only two States that exceed this number - Florida #1, and Nevada #2.
Nationally, that number is 1 - in every 978 Housing units. The national average for a residential foreclosure is $110,100.
The tax assessment offices in Maryland will not allow the foreclosure transactions to be used in the algorithms for computing real property assessments. However, one has to wonder with so many foreclosures as to why that law shouldn't be changed. The current law deems foreclosure sales as not being considered 'Arms Length Sales'. That standard ought to be changed ASAP as foreclosure sales are an integral part in determining the 'real property' values. By not allowing foreclosure sales to be integrated into property evaluations - this skews the real property evaluations by inflating everyone else's property throughout the state.
We encourage all of our readers to contact their State legislative officials to try and remedy a change. For those who running for prospective offices - this is the time to bring this issue to the forefront.
13 comments:
I knew it was bad as I live in Kilburnie and there are numerous homes around me that have been abandoned. I informed my wife that on MT Hermon Rd. another one was abandoned just a few days ago. They are everywhere.
Joe - that photo in Maryland looks just like downtown East Main Street in Salisbury. If it isn't a photo of Salisbury it certainly looks like Salisbury.
According to my assessment that I received a few days ago, it shows my property value went down. However, my property tax bill went up because they increased the property tax rate. I swear - here in this county one cannot win for losing. Every time you think you are making headway, the officials move the goal post.
For one time in my life I wish we could get just one honest official that would help the working man.
I think all of you should keep something very important in mind here.
I believe recently it was said that Wicomico County foreclosures were up over 400%.
Keep in mind, the feds made sure they created law stopping all banks from forcing the standard foreclosure timing from a few months being late to now TWO YEARS. Right now you can stop making payments and it will take two years before the bank can force you out.
IF this hadn't been changed we would have seen these figures TWO YEARS ago and Obama would NOT have been re-elected.
That also means O'Malley would not have been re-elected as well.
Americans better wake up and vote Republican. Voters better hold each candidate to the fire and make damn sure they fulfill their campaign promises or I have a strong feeling there will be a revolution. I mean, if your going to LOSE everything anyway, (including what this country was founded on and what we believed to be why WE ALL invested in America) why not.
I noticed the address on the building says 8120 and so I looked it up on East Main Street and it is not a photo of East Main street.
However, I think the photo does show a strong resemblance to the buildings located on E Main Street.
Yes, Vote Republican. Civility has not worked and it's time the dems were put in their places. Their "legacy" is nothing but failed policy after failed policy. They are proficient at nothing else but lying. There is no such thing as an honest democrat-PERIOD! If you align yourself with the likes of omalley and obama, your true colors show though and you are no good.
PNC called in all of Fruitlands Mortgages. Our house was forclosed and we never knew it! I know about 20 people personally this happened to. It has ruined my Credit! PNC is a terrible bank. The people local tried to help but they could not do even get through on the phones to PNC mortgage. Stupid bank. I am now with Hebron!
If Maryland raises my taxes any more I might as well just abandon my own home and let the state & county take it over.
Even with no mortgage it is like having a ball and chain around my neck just to pay the taxes. Add to that my motor vehicle registration fees, and gasoline taxes and you might as well take my whole damn check. I am fed up with their mentality and have had enough.
The O'Malley-Conway-Mathias agenda doesn't care about our struggles. Full steam ahead with more crippling tax hikes!
10:05 you ain't the only one, lots of us out here and things just don't look like are going to get better.
Fruitland did the same with their taxes. My assessment went from 240 down to 176. My taxes went up 5$ a year
The county provides a thing called "constant yield" which tells towns what their rate has to be in order to keep the same revenue. Fruitland and Salisbury accepted the constant yield and their rates went up. Mayor Anderton and Delmar rejected the rate increase and their rate stayed the same which lowered taxes for anyone who had a lower assessment.
Just another reason to vote for Anderton. Norm raises taxes during a recession, causing more financial stress on our area, Anderton understands that people are struggling and lowers taxes during a recession.
You know that this is a very bad economy given that MD ranks #3.
I have known it for a long time that the economy was in shambles, despite, what O'Malley claims is on the rebound.
The economy is on the rebound alright - and then RealtyTrac shows the imperical evidence to the contrary.
Shame on you Governor. You ought to be ashamed of yourself for lieing to the Maryland citizens.
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