Reply to New real estate assessment rates are released from State of Maryland

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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.[/quote]

That sounds like a lot. Are you taking advantage of the Homestead exemption?[/quote]

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. [/quote]

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

https://www.montgomerycountymd.gov/finance/homestead.html[/quote]

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. [/quote]

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