Here is an interesting bill that I just read. As you already probably know - Wicomico's assessment cap is ranked among the highest permited in the State - 10%.
Our local Delegation members - Eckardt, Haddaway-Riccio - propose to lower the rate from 10% to 5% cap. So - if and when the real estate market ever spikes again - then Wicomico residents are protected with a 5% evaluation cap. VOICE - helped the Anne Arundel County sister group - enact this for Anne Arundel residents. Now - maybe Wicomico residents will also be able to realize benefit from enactment of this legislation.
Thank you Echardt, Haddaway-Riccio - for some relief.
2 comments:
Forgive me for not understanding. Is this a cap to not increase property taxes if the market gets better?
The increase in the annual assessment on a persons real estate is limited to no more than 5% - under the proposed legislation.
Presently the limit is 10% - (the State's maximum allowed pursuant to present law).
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