I think it really varies neighborhood to neighborhood. I've been tracking mine (Dunloggin) quite closely and the sale prices (measured by $/sqft) have rebounded over halfway back to early 2008 but I also see the latest homes up for sale with really high asking prices so, of course, they're not going to get it. I also wonder why loan officers usually get valuations through Trulia and similar services that are almost always inaccurate and way undervalued? Pay for an appraisal is what I'll have to do.

Yeah, you don't want to rely on online value estimates if you need the number for anything but "gee, that's interesting" purposes. I've heard complaints about overvaluing as well as undervaluing.

In the case of this study, Trulia is tracking the price that sellers are asking for as opposed to the price of homes that have sold. But I'm interested to hear about your experience in Dunloggin.

I can speak to this personally. My house located in Roland Park has been on the market for 5 months starting @ $995K. That was not my idea as I thought we should have started at around $925K but we have now reduced to $799K as the market has definitely tanked. The Spring inventory came on and there is the equivalent of a buyer's strike going on. There are no condition issues with the property as it has been restored with great attention to detail. Buyers do not seem to appreciate that sort of thing lately.

That is not sour grapes, just my observation.

there are two houses in Guilford, both of which sold in the past two years for over $850K that are conducting a race to the bottom. They are both in the mid 700's now even though both were improved after they were bought by present owners. The location may be an issue as both are on 39th St.

Valuations are being redefined and I bet the city is going to be overwhelmed with requests for adjustments in the next two years. The fiscal hit is going to be massive.

Good point about assessments, Bob. Anyone out there requested (or planning to request) a reassessment?

Bob,
What would the selling price have been in 1999?

If less, what justifies the higher price? Increased incomes? Land running scarce?

I am currently doing an appeal. Here's the interesting thing: I am trying to have the house assessed at the purchase price and that's an uphill battle because it's a foreclosure.

Ostensibly ALL foreclosures need work, are in disrepair, or MUST be sold at firesale prices and thus "don't count."

But those reasons are simply speculation and lack evidence. How can assessors make these naked assertions without actual evidence. The burden of proof needs to shift because they are the one's making the claim.

Tax assessors need more accountability.... I had to hire a lawyer... but this is where the media should step in and expose nearly this unchecked power with minimal checks and balances.

Take the mantle--you are the voice of deliverance, Jamie, from this egregious
exploitation. What's to stop them from saying your house is worth millions and taxing according? Nothing, really, except some tiresome appeals.

The city needs their money, but chicanery isn't a good longterm solution.

I've said it before...

Most property and nearly every residential property doesn't warrant the appraisal process at all. When such careful records are kept of sale transactions it is so very easy to establish what Ms Smith believed her property is worth... it is what she paid.
et voila! ( for Bastille day )

Longer held property (most get turned over within 10 years) should have the rate set at X% for Y years and a set adjustment to Z for another Y years.

This is over simplified for blog post reasons but the principle holds whether the market is rising or falling.

Note to Jamie: Why do I need to keep re-entering my information at each post?

Hi, "Little Debbie" -- I don't know that I'm a voice of deliverance, but I hear your plea. There's lots of interest, to put it mildly, in the assessment process.

MrRational, I noticed yesterday that I had to start re-entering my information, too. Not sure what's going on, but I'll check with the web folks.

According to my latest Zestimate, which of course is completely accurate, my house in Pigtown is increasing in value again. After dropping every month since January and 28% total, I finally saw a little uptick in June. Of course, it's real market value equals exactly what it takes to pay off my current mortgage(s), repay me for all the improvements over the years, and put a nice down payment on my next house.

Concerning the assessment/appeal process:

I may be a bit cynical, but I think that, at least for Baltimore City, the powers-that-be count on the fact that probably less than 10% of assessments are appealed.

Almost everyone who appeals gets some type of reduction (usually without too much trouble). This is because the city collects so much from the 90% or more who don't bother to appeal they are willing to buy off the few who complain.

I know a woman who runs a business handling the appeals for investor/landlords and she says that in the past year she has had a 99% success rate for getting assessments reduced.

Jamie, if you do wind up investigating the assessment system, see what the stats are on the number of people who actually appeal and those that get reductions.

The appeals process in BAL is largely irrelevant b/c of the homestead tax credit. Anyone who purchased a home in 2004 or earlier is wasting his time with an appeal b/c his taxes are already capped. (Assessments really only affect new homeowners.)

Now that I'm looking to move, I'd like to rename the Homestead Tax Credit as the New Homeowner Tax Penalty.