2008 Maryland Property Assessment Zonk!
By: Myles, January 2nd, 2008
Check your mailbox. The notices are on their way and there’s a New Year’s gift waiting for you, courtesey of the State of Maryland.
It’s your latest Maryland property assessment. Brace yourself. It’s absolutely not going to reflect the slowdown in the real estate market.
The average tax is rising 33 percent over three years ago. Ouch! It’s an average 75 percent increase in Baltimore and nearly 52 percent increase in PG County. Montgomery County had the smallest increase on average: about 16 percent. The jumps reflect the overall increase in the real estate market in the past three years.
There is one silver lining: the Homestead Property Tax Credit, which limits tax increases on homeowners’ primary residences to no more than 10 percent per year. And it’s a one-time application.
No Tags
Entries