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Surprise! Your monthly payment is $200 more a month.

"Under current Montgomery County law, a seller is not obliged to disclose the property taxes that a prospective buyer would pay on a home. Instead, listings for homes on the market - whether in the Multiple Listing Service or in fliers at open houses - display the taxes most recently assessed to the seller."

I wrote about this subject last month here and it was covered again in the article above two weeks ago. Last week a local agent wrote a letter to the editor suggesting that "The problem at hand is caused by government abdicating its responsibility for assessing property value. The council should focus on creating a way for the necessary information to be readily available to sellers, buyers and real estate professionals so that full disclosure of property tax information is possible."

I'm not sure the government is the answer since the county is already providing a website that can be accessed by anyone with a computer. When a home is sold, the phase in homestead credits are no longer credits available to the purchaser. The buyer will be responsible for the entire tax bill. Take the time and see what the payment will be without the credits so you can factor the increase into your budget. It would be great for the seller/agent to provide true numbers, but it can't hurt to do your part and check things out.

Maryland Department of Assessments and Taxation
Real Property Data Search

Welcome to the Montgomery County
Property Tax Account Information and Bill Payment System

Posted by David Conaway on 11/19/2007 02:44 PM

Comments (4)

taxes, mortgage, mortgage payments, bethesda, montgomery county, maryland

This post has been included in Maryland Information Montgomery County, MD Information

4 Comments on Surprise! Your monthly payment is $200 more a month.

David, full ethical disclosure, at the least, militates that agents should put something in the MLS to the effect that taxes may increase from what is shown.

11/19/2007 02:57 PM

by Brian Schulman - Your Lancaster County, PA Real Estate Professional (Coldwell Banker Select Professionals)

Brian, No question. My point is that people (broker and buyers) need to take the time and check everything. If you have a budget and want a real number when pricing a home, you need to know what you're getting. Full disclosure and ethics don't always line up. Thanks for the reply.

11/19/2007 03:10 PM

by David Conaway (First Horizon Home Loan Corporation)

We dfinately need to check the taxes now a days. This could be one heck of a suprise.

11/19/2007 03:10 PM

by John Walters (Specialized Real Estate)

David, your point is well taken. Agents and buyers need to check whether there has been a change in millage or assessment since the prior year.

11/20/2007 03:42 PM

by Brian Schulman - Your Lancaster County, PA Real Estate Professional (Coldwell Banker Select Professionals)

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