More on the Md. property reassessments
Here's a gee-whiz real estate number of the day: $43.6 billion. That's the three-year decline in home values in just one-third of the state, according to Maryland's assessors. (The state's reassessment cycle touches a third of properties every year.)
Think about that -- $43.6 billion. In one-third of one state.
The biggest assessment drop came in Montgomery County, the most populous jurisdiction in the state, which saw an $11 billion decline. Prince George's County followed, down $6 billion, with Anne Arundel County close behind at $5 billion.
I checked a few reassessed streets, just for kicks, to see some of the homeowner impact.
One couple on Wyndhurst Avenue in Roland Park is getting a $107,000 decrease in assessed value come next year, which brings it below the $565,000 purchase price in 2007.
A couple on Painted Tree Drive in Randallstown is getting a $70,000 decrease -- but still well above their 1995 purchase price, so their tax bill will probably go up 4 percent next July as they work on closing the gap between their assessment and what they're actually being taxed on.
And a couple who bought a home on Summer Hill Drive in Ellicott City for $892,000 in 2005 is getting reassessed for $695,000.
When assessment notices arrive in the mail for you reassessed folks, do share your experience.







Comments
The backward march to 1999 prices continues. Question is - will government meddling, or the resultant runaway inflation prevent the housing market from reaching it's nadir?
Posted by: Darwin Rules | December 31, 2009 11:44 AM
I got a property assessment notice in the mail just yesterday. It went up! They were just taxing the land, but now they claim someone built a townhouse here. I guess I don't have tall enough bushes outside! Darn, that always worked in Pennsylvania.
Posted by: BigDragon | December 31, 2009 12:23 PM
Thanks for making me laugh, BigDragon. I'm home sick, so laughs are much appreciated.
Posted by: Jamie Smith Hopkins | December 31, 2009 3:31 PM
Where I live on Bauernwood Avenue, if your house is over 1700 square feet, you got hiked. All my neighbors got breaks from 8-20k, while mine went up. I looked up all the houses on the block, and the bigger ones like mine all got hit with increases. The whole area is down price-wise, so this makes absolutely no sense to me. The house across the street has been vacant for years and the absentee landlord gets a $9300 break while I pay more. Incredible.
Posted by: deespot | January 6, 2010 6:48 PM
Property taxes are extortion from which parasites in govern mental cabals, ply their trade, of selling nothing, while, controlling everything; averse to Constitutional safeguards; turning us all into slaves... with impunity for their crimes, and indolenses, at law...
Posted by: EdgarLongenecker | March 6, 2011 3:38 PM