New real estate assessment rates are released from State of Maryland

[Anonymous]

Anonymous wrote:

Anonymous wrote:They’ve had to increase tax rates on residential properties because office values have declined significantly in the past four years.

This thread is about residential property values increasing. It's not about tax rates. It's not about office property values. It's about increasing residential property values.

They are required by state law to be 100% of market value.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They’ve had to increase tax rates on residential properties because office values have declined significantly in the past four years.

This thread is about residential property values increasing. It's not about tax rates. It's not about office property values. It's about increasing residential property values.

They are required by state law to be 100% of market value.

And people seem to be upset about this. THE VALUE OF MY PROPERTY IS INCREASING, BOOO! BOOOOOOOOOO!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The tax rate is staying the same, but people are mad because their property values have gone up? There's no place in the country where your property tax is not going to increase when your house increases in value. This is a dumb thread.

We don’t know if the tax rate is staying the same. Funding the MCPS budget increase would require a 10 percent rate increase if no other cuts are made. Keep in mind that even though property values are increasing far faster than headline inflation the county government has still had to increase rates at least once in the past three years.

OK, but that's not what this thread is about. This thread is about the fact that property values have gone up. People are actually complaining that their property is worth more. I guess they'd rather have stagnant property values.

It seems like maybe just maybe people own houses because they need a place to live and care more about keeping their housing expenses affordable than they do about the investment value of their homes. Property taxes on non-revenue producing properties are regressive.

[Anonymous]

Anonymous wrote:I live in east county and the county thinks the value of my home has gone up. A similar house in the neighborhood sat for over 2 months before selling way below the assessed value. I bought this house 14 years ago for $500k and my taxes were under $5k. Today they say my house will selll at 900k and my taxes are almost 11k. The recent sale in my neighborhood sold for $695 but was assessed at $810k. County just making shit up.

That sounds like a lot. Are you taking advantage of the Homestead exemption?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I live in east county and the county thinks the value of my home has gone up. A similar house in the neighborhood sat for over 2 months before selling way below the assessed value. I bought this house 14 years ago for $500k and my taxes were under $5k. Today they say my house will selll at 900k and my taxes are almost 11k. The recent sale in my neighborhood sold for $695 but was assessed at $810k. County just making shit up.

That sounds like a lot. Are you taking advantage of the Homestead exemption?

The homestead exemption is only worth $692 and hasn’t been increased in a long time. The county could make property taxes less regressive by increasing the homestead credit and raising the rate but they don’t do it because the corporate landlords would have to pay higher taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Gotta close that Wes Moore budget shortfall somehow, right?

That guy is such an empty suit. Looked so promising, checked all the boxes…. and then we get this.

Hogan is laughing his fat a$$ off at the mess Moore made.

Lmao Hogan benefited from COVID stimulus from the Feds, don't get it twisted as of he did anything special.

Hogan was governor for 8 years. Stop minimizing his great accomplishments.

[Anonymous]

Anonymous wrote:The tax rate is staying the same, but people are mad because their property values have gone up? There's no place in the country where your property tax is not going to increase when your house increases in value. This is a dumb thread.

The point is that people are house burdened and tax rates should be lowered to help taxpayers afford staying in their homes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The state is still taxing us out of hearth and home. No wonder Maryland is losing population.

Maryland's population is increasing.

wrong.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Gotta close that Wes Moore budget shortfall somehow, right?

That guy is such an empty suit. Looked so promising, checked all the boxes…. and then we get this.

Hogan is laughing his fat a$$ off at the mess Moore made.

I think he still lives here. He’s just as mad as the rest of us

I heard a rumor he might run for governor again. He has served two terms, isn't that the limit?

Moore would be easy to pick off. He is an empty suit.

Ugh. I guess if that’s our only option. I think if you serve 2 consecutive terms you have to take a bye for 1 term then you can run again.

The language in the constitution says this: SECTION 1. The executive power of the State shall be vested in a Governor, whose term of office shall commence on the third Wednesday of January next ensuing his election, and continue for four years, and until his successor shall have qualified; and a person who has served two consecutive popular elective terms of office as Governor shall be ineligible to succeed himself as Governor for the term immediately following the second of said two consecutive popular elective terms (amended by Chapter 109, Acts of 1947, ratified Nov. 2, 1948; Chapter 161, Acts of 1964, ratified Nov. 3, 1964; Chapter 576, Acts of 1970, ratified Nov. 3, 1970).

I'm not voting for anyone who thinks the constellation Orion is drones.

😂

[Anonymous]

Anonymous wrote:

Anonymous wrote:The state is still taxing us out of hearth and home. No wonder Maryland is losing population.

Maryland's population is increasing.

From the US Census

July 2024 population estimate: 6,263,220
July 2023 population estimate: 6,180,253
April 2020 Census: 6,177,224
April 2010 Census: 5,773,552

https://www.census.gov/quickfacts/fact/table/MD/HSG445219

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I live in east county and the county thinks the value of my home has gone up. A similar house in the neighborhood sat for over 2 months before selling way below the assessed value. I bought this house 14 years ago for $500k and my taxes were under $5k. Today they say my house will selll at 900k and my taxes are almost 11k. The recent sale in my neighborhood sold for $695 but was assessed at $810k. County just making shit up.

That sounds like a lot. Are you taking advantage of the Homestead exemption?

The homestead exemption is only worth $692 and hasn’t been increased in a long time. The county could make property taxes less regressive by increasing the homestead credit and raising the rate but they don’t do it because the corporate landlords would have to pay higher taxes.

It seems like you don't know what the homestead exemption is?

https://www.montgomerycountymd.gov/finance/homestead.html

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I live in east county and the county thinks the value of my home has gone up. A similar house in the neighborhood sat for over 2 months before selling way below the assessed value. I bought this house 14 years ago for $500k and my taxes were under $5k. Today they say my house will selll at 900k and my taxes are almost 11k. The recent sale in my neighborhood sold for $695 but was assessed at $810k. County just making shit up.

That sounds like a lot. Are you taking advantage of the Homestead exemption?

The homestead exemption is only worth $692 and hasn’t been increased in a long time. The county could make property taxes less regressive by increasing the homestead credit and raising the rate but they don’t do it because the corporate landlords would have to pay higher taxes.

It seems like you don't know what the homestead exemption is?

https://www.montgomerycountymd.gov/finance/homestead.html

It seems you don’t either. PP’s assessment most likely didn’t go up enough in any one year for the homestead exception to apply. An assessment doubling (not even doubling in the OP’s case) in 14 years isn’t at all unusual. It does sound like OP’s assessment may be too high, in which case they should appeal. Everyone should at least request the comps.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The tax rate is staying the same, but people are mad because their property values have gone up? There's no place in the country where your property tax is not going to increase when your house increases in value. This is a dumb thread.

The point is that people are house burdened and tax rates should be lowered to help taxpayers afford staying in their homes.

Before Andrew Friedson’s charter amendment, this is how property tax rates worked unless the council voted unanimously to raise more money from property taxes. He claims to be a budget hawk but he’s more responsible than anyone for spending spiraling out of control. (Unless of course you were lucky enough to get him to sponsor a tax abatement for your apartment development)

[Anonymous]

Anonymous wrote:

Anonymous wrote:The tax rate is staying the same, but people are mad because their property values have gone up? There's no place in the country where your property tax is not going to increase when your house increases in value. This is a dumb thread.

The point is that people are house burdened and tax rates should be lowered to help taxpayers afford staying in their homes.

Are people house burdened? Are people losing their homes, or moving out, because they can't afford the property taxes? How do you know?

[Anonymous]

If they can’t afford an increase in taxes, they’re going to have a similar problem when it comes to paying rent.