Real estate poll: Are you appealing your assessment?
American homeowners were asked in a new BIGresearch poll whether they're appealing to have their property taxes lowered. About one-quarter say they either plan to or already have. Another one-quarter haven't decided.
So there's a lot of tax angst out there. But what about here, specifically?
On the one hand, Maryland sent out notices this week to the one-third of homeowners who were just reassessed for tax purposes, and 95 percent of them have lower valuations now than they did three years ago. Average drop: 22 percent. On the other hand, two-thirds of homeowners were last assessed a year or two ago, and prices have continued to fall since.
Satisfy my curiosity: Do you plan to appeal your assessment? (You can play along if you're not in Maryland, too -- just make sure you choose the appropriate category.)
Once average assessed values began to fall in Maryland, so did the number of people contesting those new valuations. But out-of-cycle appeals -- the petitions mailed in by owners who weren't just reassessed -- have skyrocketed:
Source: Maryland Department of Assessments and Taxation. First four years of petition figures are estimates.
This year, the number of "petitions for review" -- the out-of-cycle appeals -- outnumbered the "I don't like my new assessment" appeals for the first time.
UPDATE: Wondering what your assessed value actually is? Look it up here.