Reported in The Baltimore Sun on Dec. 28th, 2011 was a front page headline that read MD. home values fall 17%. The article had more to do with property assessment appeals than home values to this reader. This economy has been a bust for many and pointing a finger to blame solves nothing. Although, I can surely place it somewhere myself. Just remember, when you point your finger out three fingers point back at you, therefore; I'll blame no one at this time.
To my point. with the economy pushing values down on almost everything and inflation possibly around the corner. It's only natural to protect our resources. One way is to take advantage of depressed home values and appeal the tax levied by State and local taxing authorities. Here in lies the problem. As more property owners get their taxes lowered local budgets have to be balanced by government officials and they now have less to work with. As a result Communities can become insolvent. Although bad management like that in Harrisburg PA. can also be blamed.
Here's the rub. As budgets need balanced the taxing authorities are going to increase tax millage rates. So what seems as a fix now will come back and bite property owner when the economy turns around. Consider this. Property values drop. Property owners appeal and get lower assessment values. Taxing authorities increase millage rates, The economy turns around and property values increase. New assessmnets reflect the rise in values and you new tax bill makes the Apollo program look like a boyscout project.
Local Budgets are being negotiated now and we should hear of the tax increases around the Beginning of 2012.