Montgomery County Property Tax Assessment Decrease
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Anonymous
| I just got our new property tax assessment in the mail today. For the second time since we moved here, the county has lowered the assessed value of our house. When it happened three years ago, I thought it was odd because I had never heard of a county or municipality purposely lowering its tax base, but I shrugged my shoulders because I knew that there had been some decline in property values in the DC area (though I wondered why they didn't use the sales price of our house from the previous year like most municipalities do to assess property values). From 2010 to present though property sales prices are through the roof in my neighborhood, so I don't understand the further decrease. Right now, the assessed value of the house is 20% less than we paid at the bottom of the market in early 2009. I'm not asking to pay more in property taxes, but I really wonder how they arrive at these values. Anybody know? |
Anonymous
| The state does all assessments in MD. Your taxes won't go down, don't worry. The county simply raises the rates every year. |
Anonymous
| They must have done something already since I got my escrow increase today from the mortgage company. |
Anonymous
| Really? I got mine and it's a 10% increase (phased in for tax purposes)-- no way do I believe that but whatever. |
Anonymous
| Our was about 4% increase...but still is quite lower than a likely sales price. |
Anonymous
|
Property taxes go down depending upon the area. Your homes in your little area may be priced high, but if you reach beyond that and examine the other 'hoods in that same zip code, I wonder what you'll find.
Furthermore, what's the school cluster? I can think of Woodside in SS - and how pricey those homes are in comparison to other subdivision in SS. But look at the school cluster that's part of the DCC. There are problems with perceptions. So when a potential buyer sees DCC, s/he may run in the other direction. We have friends who purchased a house in a solid area (or so we thought). They bought during the height - probably close to $700K for a 4 BR colonial. Over the past 9 years, their property values plummeted. Their home is now assessed at $300K below what they paid for. So your pocket may be lovely, but it's still affected by the entire area around it. If you're in MD, do a search - http://sdat.resiusa.org/RealProperty/Pages/default.aspx |
Anonymous
| Mine also up almost 10% this year. |
Anonymous
| Woodside is up about 6% . Also keep in mind it is triennial. Not sure where your friends bought but overall we are at per-crash levels plus a small amount. Not as much as some but certainly pretty strong. And not much for sale below $700k except shells. |
Anonymous
| The bubble has burst. Maryland has one of the highest foreclosure rates and it takes years for the Maryland foreclosure process meaning these are from 2008. |
Anonymous
|
in Maryland's nearby Frederick and Montgomery counties, the rate of new foreclosures is skyrocketing 275%
You can thank Maryland's anti business laws http://money.cnn.com/2013/08/15/real_estate/foreclosure-states/ |
Anonymous
Our financial guy said that if MD went bust, the whole country would follow. |
Anonymous
| Ours went up 10%. Probably close to what it might sell for. |
Anonymous
| Ours went up 10%. Probably close to what it might sell for. |
Anonymous
Haha |