New real estate assessment rates are released from State of Maryland

[Anonymous]

Anonymous wrote:Property tax assessments should only be done once every 10-20 years. Who gives a crap what a home is worth on paper. I can't live in fake wealth on paper. Homes are a place to live, they're not the stock market. Constantly increasing taxes on housing creates instability for shelter. Awful. They're just numbers on paper while people need actual places to live.

+1

[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.

1. The state assesses your property values, not the county.
2. If you think the assessment is wrong, you can appeal.

+1 there is an appeal process. We are going to appeal as there are numerous comparables and there's no basis for our ridiculous assessment, which is significantly higher than those of the identical houses next door. But it's the state making it up, not the county.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Property tax assessments should only be done once every 10-20 years. Who gives a crap what a home is worth on paper. I can't live in fake wealth on paper. Homes are a place to live, they're not the stock market. Constantly increasing taxes on housing creates instability for shelter. Awful. They're just numbers on paper while people need actual places to live.

+1

They would just raise the tax rates more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Property tax assessments should only be done once every 10-20 years. Who gives a crap what a home is worth on paper. I can't live in fake wealth on paper. Homes are a place to live, they're not the stock market. Constantly increasing taxes on housing creates instability for shelter. Awful. They're just numbers on paper while people need actual places to live.

Wait until you find out about rent.

Many places have rent control. NYC has many people paying rent like it is 1995.

[Anonymous]

Has anyone ever successfully appealed? According to the assessment our house has gone up almost $500K since we bought it in 2018…. That’s insane!

[Anonymous]

Anonymous wrote:Has anyone ever successfully appealed? According to the assessment our house has gone up almost $500K since we bought it in 2018…. That’s insane!

Not insane at all — that sounds about right for a typical house in Bethesda. Imagine how the people shopping for a house right now must feel — high interest rates and high housing prices are not a fun combination. Be grateful you’re in such a great position and own a house in such a desirable area.

But by all means, if the comps don’t support the assessment, appeal it. But if your only argument is “there’s no way my house could have gone up so much in value”, you will lose. An increase of $500k is not at all unusual.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Property tax assessments should only be done once every 10-20 years. Who gives a crap what a home is worth on paper. I can't live in fake wealth on paper. Homes are a place to live, they're not the stock market. Constantly increasing taxes on housing creates instability for shelter. Awful. They're just numbers on paper while people need actual places to live.

Wait until you find out about rent.

+1. Can you imagine if someone said that their rent should only go up every 10-20 years because people need a place to live? Truly laughable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Property tax assessments should only be done once every 10-20 years. Who gives a crap what a home is worth on paper. I can't live in fake wealth on paper. Homes are a place to live, they're not the stock market. Constantly increasing taxes on housing creates instability for shelter. Awful. They're just numbers on paper while people need actual places to live.

Wait until you find out about rent.

+1. Can you imagine if someone said that their rent should only go up every 10-20 years because people need a place to live? Truly laughable.

There are people on NYC who haven't seen a tent increase in decades.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Property tax assessments should only be done once every 10-20 years. Who gives a crap what a home is worth on paper. I can't live in fake wealth on paper. Homes are a place to live, they're not the stock market. Constantly increasing taxes on housing creates instability for shelter. Awful. They're just numbers on paper while people need actual places to live.

Wait until you find out about rent.

I'm a landlord in MoCo. I'm not eating the increased tax bill - of course I'm passing it on to my tenants next time they renew their lease. If MoCo was really serious about affordable or attainable housing they would consider how this will increase rents in the county. It just proves that this upzoning AHS is just a money grab to increase the tax base.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Property tax assessments should only be done once every 10-20 years. Who gives a crap what a home is worth on paper. I can't live in fake wealth on paper. Homes are a place to live, they're not the stock market. Constantly increasing taxes on housing creates instability for shelter. Awful. They're just numbers on paper while people need actual places to live.

Wait until you find out about rent.

+1. Can you imagine if someone said that their rent should only go up every 10-20 years because people need a place to live? Truly laughable.

There are people on NYC who haven't seen a tent increase in decades.

A tiny group of old dying people.

Even rent stabilization increases for inflation

https://rentguidelinesboard.cityofnewyork.us/wp-content/uploads/2024/07/2024-Apartment-Chart.pdf

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Property tax assessments should only be done once every 10-20 years. Who gives a crap what a home is worth on paper. I can't live in fake wealth on paper. Homes are a place to live, they're not the stock market. Constantly increasing taxes on housing creates instability for shelter. Awful. They're just numbers on paper while people need actual places to live.

Wait until you find out about rent.

I'm a landlord in MoCo. I'm not eating the increased tax bill - of course I'm passing it on to my tenants next time they renew their lease. If MoCo was really serious about affordable or attainable housing they would consider how this will increase rents in the county. It just proves that this upzoning AHS is just a money grab to increase the tax base.

Building housing makes housing more attainable than letting landlords charge monopoly rent-seeking.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

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

Two potential options:

1. I'm sure you could find someone who will pay the increases in your property taxes in exchange for you giving up all increases in your property value when it's time to sell your house. Heck, I'll take that deal. Is this something you're willing to do?

2. You can get a reverse mortgage to help pay your property taxes.

Finally, please name a single place in this country where your property tax stays the same even as your property value goes up.

Again, this is an exceptionally stupid thread started by someone who hates Maryland because it is people complaining about something that is very, very good for them -- their property value going up. It's a truly enviable position to be in to own a home and have it increase in value, especially the dramatic increases we've seen these past few years. Many people are now priced out of homeownership, and in the face of 20% increases in property value, amounting to HUNDREDS OF THOUSANDS of dollars, people are complaining that their property value has gone up by a couple of thousand. It's hard to imagine a complaint so stupid.

If you live in Montgomery County or PG County, and you live within a town/city in these counties, you are paying both city and county property taxes. It adds up when you are just trying to stay in your home and not profit off selling your house. STFU.

Yes, because you are receiving both city and county services.

In a lot of cases, you’re receiving city services instead of county services, but you’re still paying the county as if you’re only receiving county services because the county has been delinquent in reimbursing municipalities for services they provide. In effect, by living in a municipality, you’re paying twice (the municipality for providing the service and the county just because it can make you pay).

If you don't like paying property taxes to the municipality, you shouldn't buy property in the municipality. Or, if you already own property in the municipality, you should sell it. If you didn't know about the property taxes or the municipality before you bought the property, you didn't do your due diligence.

That’s a ridiculous solution to the county not fulfilling its obligation to reimburse municipalities. Reimbursement is actually the law but sometimes the county just decides to default: https://codelibrary.amlegal.com/codes/montgomerycounty/latest/montgomeryco_md/0-0-0-137859

Fixed link.

When has the county defaulted?

[Anonymous]

This is why nobody lives in MoCo anymore. It’s too crowded

[Anonymous]

Anonymous wrote:

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!

I desperately hope someone had called out this idiocy in subsequent posts, but in case they haven't, your tax assessed value is increasing. That's it. It may be that the actual value of your property also is increasing, but it's by no means certain. Tax assessments theoretically track actual property values, but they famously do not. The government doesn't get to decide the actual value of a piece or property, the open market does when the property is sold.

If you don't understand this (and apparently you don't), you have no business offering an opinion here, much less ridiculing others about theirs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Property tax assessments should only be done once every 10-20 years. Who gives a crap what a home is worth on paper. I can't live in fake wealth on paper. Homes are a place to live, they're not the stock market. Constantly increasing taxes on housing creates instability for shelter. Awful. They're just numbers on paper while people need actual places to live.

Wait until you find out about rent.

I'm a landlord in MoCo. I'm not eating the increased tax bill - of course I'm passing it on to my tenants next time they renew their lease. If MoCo was really serious about affordable or attainable housing they would consider how this will increase rents in the county. It just proves that this upzoning AHS is just a money grab to increase the tax base.

Building housing makes housing more attainable than letting landlords charge monopoly rent-seeking.

If the AHS is approved it doesn't look like there is anything stopping investors from building these duplexes/ triplexes and renting out the units at monopoly seeking rents.