SMC Tax Assesments
- Thread starter Agee
- Start date
Residential assessments have been generally flat recently. Individually, decreasing assessments are a good thing. It means your property tax bill won't be as much as before.
I have not seen a recent one but the state-assessed value on my island property dropped significantly after the "big crash" in 2009. But that never resulted in any reduction in my tax bill because the taxable assessed value, which is constrained bu the limit on allowable annual increase, remained still below the full assessed value. In fact, my tax bill always increases, year to year.
There's always that phase-in period where after our assessments go up, we are paying off that increase over time since we have that 5-percent cap here in St. Mary's. If you are finished paying off those increases in value and your new assessed value decreases, there should be an immediate savings realized. But yeah, generally here in the county, we don't see our property taxes decrease too much. I think I might save $58 in my property taxes this year after my assessments went down.
Agee
Well-Known Member
It does keep your tax bill lower, but has the reverse effect if you're trying to re-fi or take out a home equity line of credit.
Goldenhawk
Well-Known Member
Get an appraisal. A good appraiser doesn't depend on the tax bill which they understand is more political than useful for sales valuation.