Market Conditions in Potomac>Question Details

Melissa, Home Buyer in United Kingdom

What is the proportion of market value in Maryland that = assessed value?

Asked by Melissa, United Kingdom Wed Jan 23, 2008

For example in Illinios, the assessed value = 33.3% of the market value. In other states it is 100%. What about in Montgomery MD?

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There seems to be no rhyme or reason at the wide variety of tax appraisals in even the same subdivision-Maryland used to be appraised at 40% of value, and Virginia used to show their buyers Maryland Tax Rate as much higher than Virginia's tax rate - then Maryland changed to 100% value, and the tax rate dropped - making it apples to apples comparison. I did a survey in one subdivision that only had four different homes in it (Ramblers, 2 Story Colonials, Split Levels and Split Foyers) and found that the taxes varied as much as 100% from exact model to model.
When the tax forms arrive, a homeowner can challenge the amount, and a good Realtor can come up with comps to verify the challenge - just contact a good local Realtor.

Bill
Web Reference: http://ww.billwootan.com
0 votes Thank Flag Link Wed Jan 23, 2008
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