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December 31, 2009

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.

Posted by Jamie Smith Hopkins at 7:00 AM | | Comments (5)
Categories: Property taxes
        

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?

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.

Thanks for making me laugh, BigDragon. I'm home sick, so laughs are much appreciated.

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.

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...

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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