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.