Baltimore City Property Taxes

A property tax is imposed by municipalities and is based on the estimated value of the property. In Maryland, each property owner is levied a property tax by the State and by their county (or city, in the case of Baltimore City). The MD State Department of Assessments and Taxation (MD SDAT) is responsible for estimating the value of a property, and the county or city is responsible for billing and collecting the taxes levied.

Each jurisdiction has their own tax rate which helps pay for jurisdictional expenses such as public safety, sanitation, education, transportation, health services, legislative expenses, social services, recreation, and many other services for residents. You can see each jurisdiction’s current tax rate at the MD State Department of Assessment and Taxation web site at www.dat.state.md.us.

Assessments

The total assessed value of a property is split into two sections: the land value and the property value. Every three years a property is re-assessed by MD SDAT. Baltimore City is divided into three sections, so that 1/3 of the City properties are assessed each year. Property owners receive an assessment notice in December of their assessment year which details the newly assessed value of their land and property. Every property owner has the right to appeal the notice of assessment of his or her property within 45 days of the date of the notice.

MD SDAT uses two methods or approaches to determine the assessed value of a property. To determine the value of the land property assessors use what they call the “Sales Approach”. They look at the sales prices of comparable properties to determine what your land is worth. To determine the value of your dwelling, the “Cost Approach” is used. This method calculates what it would cost to build a similar dwelling, minus any depreciation due to the age and condition of the house. Assessors will also note the sales of similar dwellings to see if they are worth more or less than a newly constructed house.

Tax Rates

Properties in Baltimore City are levied a Baltimore City property tax and a Maryland State property tax.
Current (July 1, 2011 to June 30, 2012) tax rates:

Baltimore City: $2.268 for every $100 of assessed property value
Maryland State: $0.112 for every $100 of assessed property value

There are two special Community Benefits Districts within Baltimore City. Properties within the boundaries of these districts are levied an additional tax surcharge which covers the additional safety, sanitation and other services within these districts.

The tax rate for the Midtown Community Benefits District (which includes parts of Bolton Hill, Charles North, Madison Park, and Mount Vernon) is $0.132 per $100 of assessed property value. More information, including district boundaries, can be found at www.midtowncommunity.org/profile.html

The tax rate for the Charles Village Community Benefits District is $0.12 per $100 of assessed property value. More information, including district boundaries, can be found at www.charlesvillage.org.

Appeal Process

Property owners will normally receive a Notice of Assessment every three years that shows the old market value as well as the new market value. The new value reflects the market influence and other conditions affecting the property from the time of the last assessment.

The assessment appeal process is a mechanism intended to assure an accurate property valuation. If you believe that the value placed upon your property is higher than it should be and if you can provide supporting evidence (such as sales information for properties comparable to your own), then it is in your best interest to appeal.

If you decide to appeal upon reassessment of your property, the first step is to reply to the Notice of Assessment by signing and returning the appeal form within 45 days of the date of the notice. If you purchase a property and the property is transferred after January 1 but before July 1, you may file an appeal within 60 days of the transfer.

The Maryland State Department of Assessment and Taxation provides a step-by-step assessment appeal guide on their website at www.dat.state.md.us/sdatweb/appeal.html

Make It A Great Day!! On Purpose!

Valerie McNeal, CDPE, GRI, IRES

Certified Distressed Property Expert & Residential Specialist

Graduate- Realtor Institute, International Real Estate Specialist

The MAC Team of RE/MAX Advantage Realty

Short Sale Soldier's... "Serving on The Front Line Between You and Foreclosure"

8815 Centre Park Dr, Suite 110

Columbia, MD 21045

410-740-1200 Office

443-405-3587 Alt Office

443-656-0632 Direct

301-704-8129 Cell

443-656-0633 eFax

Check out my website at:

www.TheMACTeam1.com

"Thank You For Your Referrals and Your Continued Trust"

Valerie McNeal

Certified Distressed Property Expert & Graduate, Realtor Institute, International Real Estate Specialist

Happy New Year!

I have a client who is looking to purchase about 100 investment properties over the next several months, in and around the Baltimore Metro area. My client is financially sound and will purchase ALL CASH with a quick settlement. The Client prefers to purchase properties in bulk. Properties needing major repairs and/or total rehabs that are located in areas that are not economically distressed are preferred.

If you are an investor or you have any investor clients who are looking to liquidate all or a portion of their investment portfolio and want to sell now, please call me as soon as possible.

Valerie McNeal
Certified Distressed Property Expert & Graduate, Realtor Institute, International Real Estate Specialist

Direct: (443) 405-3587
Office: (410) 740-1200
Cell: (301) 704-8129
Fax: (410) 740-1293
Valerie@TheMACTeam1.com
http://www.themacteam1.com

RE/MAX Advantage Realty, Columbia, MD 21045

15 Cities Where Listing Prices Are Rebounding

Prices are rising in Florida: Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Florida cities make up 9 of the top 10 places for highest year-over-year list price spikes, based off of August data of 2.2 million listings in 146 markets.

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices. 

1. Miami
Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla.-RSA
Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.
Average list price: $267,066
Year-over-year increase: 16.37%

5. Macon, Ga.
Average list price: $193,520
Year-over-year increase: 15.98%

6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.
Average list price: $713,087
Year-over-year increase: 15.13%

8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%

11. Oralndo, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%

12. Portland-Vancouver, Ore.-Wash.
Average list price: $314,537
Year-over-year increase: 10.52%

13. Boise City, Idaho
Average list price: $212,588
Year-over-year increase: 10.43%

14. Springfield, Illinois
Average list price: $174,537
Year-over-year increase: 9.12%

15. Shreveport-Bossier City, La.
Average list price: $211,414
Year-over-year increase: 8.34%

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Subject: Happy Thanksgiving!

This struggling economy has been tough on Maryland families. If you are in danger of losing your home, we can help. Please join us at the Foreclosure Prevention Workshop where you will have the chance to sit down, one-on-one, with housing counselors, mortgage lenders, attorneys and other experts to discuss your options to keep you in your home. Please contact me to RSVP. 

If you are interested in receiving a FREE foreclosure legal consultation at the event, please contact the Pro Bono Resource Center of Maryland at 1-800-396-1274 ext. 3053 to pre-register and learn how to prepare for the legal consult. 

Foreclosure Prevention Workshop

Hosted by Congressman C.A. Dutch Ruppersberger

Saturday, November 19, 2011
10:00 AM -3:00 PM
Deer Park Elementary School
9809 Lyons Mill Road
Owings Mills, MD 21117