Reply to MoCo tax assessment

Forum Index » Real Estate

Reply to "MoCo tax assessment"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I still want to know how a house purchased two years ago for $850K suddenly has a property tax of $18K a year.  I went to the MoCo property tax database, chose a random house (in CCMD) that sold in 2020 for $850K, their TOTAL TAX OWED in 2021 was $8152.33.  Nowhere close to $18K.

TAX DESCRIPTION	ASSESSMENT	RATE	TAX/CHARGE
STATE PROPERTY TAX 	685,767	0.1120*	768.06
COUNTY PROPERTY TAX 	685,767	0.9905*	6,792.53
SOLID WASTE CHARGE 		478.2400	478.24
WATER QUAL PROTECT CHG 			113.50

TOTAL			8,152.33

[/quote]

[b]I've been assuming that OP is in an incorporated area that charges a separate property tax,[/b] because otherwise the numbers don't make any sense.[/quote]

Okay fair enough.  So I just pulled up a house in the Town of Somerset (incorporated area of CCMD) . The house sold for $990K in 2020.  Their 2021 property tax is $13K . The additional tax for Town of Somerset is $1100.40.  Again, none of what OP posted makes sense, and it just doesn't add up.

TAX DESCRIPTION	ASSESSMENT	RATE	TAX/CHARGE
STATE PROPERTY TAX 	1,100,400	0.1120*	1,232.45
COUNTY PROPERTY TAX 	1,100,400	0.9905*	10,899.45
SOMERSET PROPERTY TAX	1,100,400	0.1000*	1,100.40
SOLID WASTE CHARGE 		38.0700	38.07
WATER QUAL PROTECT CHG 			113.50
TOTAL			13,383.87[/quote]

OP has received an assessment, not a new tax bill.  So anything they say about their new bill involves them doing math.  OP paid $850K two years ago but doesn't know what a down payment is, so there's that.  Let's hope OP qualifies for the homestead tax credit and someone else is looking after these things: [url]https://www.montgomerycountymd.gov/Finance/homestead.html[/url]

Given that, it's simple, regardless of assessment, the cap is 10%.  So multiply last year's tax bill by 1.10 and that's an upper bound on this year's bill.  (The water and solid waste are fees, so shouldn't be tied to assessment and could be excluded.)  PP says last years bill was $12,000, so this year will be no more than $13,200.

This table has total tax rates in MoCo [url]https://www.montgomerycountymd.gov/Finance/Resources/Files/data/propertytaxrate/2021/realproperty.pdf[/url].  Everyone pays at least 1.1025 per $100, and the max is 1.6422 per $100 in Friendship Heights.  So a house assessed at 1.2M could pay a bill as high as $19,700.  Still don't know what the actual calculation was, an 18K bill would be possible without homestead.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics