Tax Assessment Notice just came

[sleuth]

Originally Posted by crabcake

Not always ... I think there was a good $70K difference in what the county says my property was worth and what it would have sold for (market value) last year.

Interesting... I wonder what the county bases its appraisal on.

[CMC122]

Originally Posted by sleuth

I know my monthly payment went up a few months ago because my ESCROW ran out of money. Something about an insurance and tax increase.

It only went up about $8 a month, though.

Mine went up to but it went up $40

[jazz lady (Premo)]

Originally Posted by kwillia

I sure hope they did my assessment before we began the addition...

I guess you don't know about the special new construction billing.

[sleuth]

Originally Posted by jazz lady

I guess you don't know about the special new construction billing.

I heard about that. Something about being taxed double next year if you started your addition after the appraisal.

[jazz lady (Premo)]

Originally Posted by sleuth

So what happens if you just bought your house within the past 2 years and its value has gone up by $60K over that period?

If you look at your tax assessment notice, you should see that there is a cap on how much your assessed value can go up per year. So even if it went up $60k, only a certain percentage (10% I believe) of that increased value can actually be phased in per year.

[jazz lady (Premo)]

Also, if you don't think the new assessment is fair, you can file an appeal @ http://sdatcert1.resiusa.org/Appeals2005/ until February 15th.

[jazz lady (Premo)]

Originally Posted by jazz lady

If you look at your tax assessment notice, you should see that there is a cap on how much your assessed value can go up per year. So even if it went up $60k, only a certain percentage (10% I believe) of that increased value can actually be phased in per year.

http://www.dat.state.md.us/sdatweb/stats/05rv_pr.html

Property owners will receive a redesigned assessment notice. The new notice has the taxable assessments for July 1, 2005 listed at the top. Qualified homeowners with significant increases in assessed values take advantage of locally-established assessment caps. These tax caps lessen the impact of rising assessments for homeowner occupied properties. For tax purposes, the assessment increases are capped at 7 percent per year in Carroll County, 5 percent per year in Garrett, Howard, Kent, St. Mary’s and Worcester Counties, and at 4 percent per year in Baltimore City and Baltimore County. Prince George’s County has a 3 percent per year assessment cap and Anne Arundel County has a 2 percent per year assessment cap. Talbot County continues to cap all taxable assessment increases for homeowners.

And this:

Assessment notices mailed today to 692,000 property owners throughout Maryland reflect the continued phenomenal growth in real estate values across the State for the past three years. These growth trends have created an average 46.6 percent increase in assessment values for reassessed properties statewide; this is an annual increase of 15.5% for each of the next three years. This is the largest value increase in Maryland since the beginning of triennial reassessments in 1980.

Thank goodness for the caps!

[jazz lady (Premo)]

I just looked up my property and it's gone up 70k in assessed value! Thank goodness St. Mary's has the 5% per year cap.

[fddog]

Originally Posted by CMC122

Mine went up to but it went up $40

Mine was short $345.00

[crabcake]

I didn't get my assessment notice. Is it done annually on every home in the county or do they do some this year, some next year, etc.?