Pat, Both Buyer and Seller in Wilmington, NC

What are the chances of getting an assessed valuation in Maryland lowered on appeal?

Asked by Pat, Wilmington, NC Fri Mar 6, 2009

My wife and I are interested in moving to Maryland and we looked at a condo that had a tax valuation 50% above the asking price. The existing owner (builder) is trying to get a tax assessment reduction and frankly the tax bite was outrageous (over $6500). Has there been any evidence of reductions? My experience with government has been that once they start to get your money they very seldom relinquish their deathgrip on your wallet. Any opinions or experience?btw Somerset county

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Harbour Light Condominium unit owners on the waterfront in Crisfield (Somerset County) successfully appealed their 2007 tax assessments in 2008 and 2009 and achieved a 33% reduction in assessed value, resulting in lower real estate taxes (less than $4,000 depending on assessed value). State of MD formally reassesses property values every three years in each county based on sales prices but property owners can petition for reassessment each year if they feel it is justified by lower sales values for comparable properties. See MD state website http://www.dat.state.md.us/ under Real Property tab to find assessed values of property. For Crisfield properties total tax is currently $1.712 per $100 of assessed value.
Web Reference: http://www.dat.state.md.us/
0 votes Thank Flag Link Thu May 13, 2010
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