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Facts about Maryland Real Estate Taxes and Assessments

By
Real Estate Sales Representative with W.C. & A.N. Miller Realtors, a Long & Foster Co.

Some interesting facts from the Maryland Association of Realtors were just released...

Did you know that 45% of the total Maryland County/City local government revenues come from real estate taxes?

The most current assessment for the fiscal year beginning July 2008 estimates the total vlue of Maryland real estate at almost $700 Billion.

Over the past 5 years, the value of the total assessable base of real property in Maryland has risen over 90%.  I find that amazing.

My home's assessed value is currently about 15% over what I believe I could sell my home for.  There are pockets around Montgomery County where homes are selling over their current assessed value, but they are few and far between.  The vast majority of us are paying taxes on an assessed value far above what we could sell the home for in this economy.  Personally, I'm glad my property's up for re-assessment in the first quart of 2009.

For those who are struggling with their property taxes, consider appealing your assessment.  Please see my blog's earlier entries for information on how to go about doing that.

Best wishes,

Colleen Barlow, Realtor