May 27 2008

Maryland Property Tax Assesment

Published by Carolyn Thompson at 7:53 pm under Real Estate

I just received a list of the comparables used for my property tax assessment, and to determine my property value.   Who determines which comparables to use in a property tax assessment?

 It was not the same group of people who determines the Fannie Mae guidelines for appraisals.  Some of the comparables they used were for Silver Spring properties that were sold more than six months before the assessment statement.  There were serious downward changes in the market during this period.

 The comparables did not take into consideration that my home was in terrible condition.  The roof leaked, there was water coming in from both sides of the house and there were plumbing leaks.  They must have figured that I had to make the improvements in order to make the home inhabitable, so they assessed it at the new value.

 No,  I don’t think so.  The value they gave the comparable homes used in my assessment were assessed at or below there respective purchase prices.

 The homes that they used were also larger then my house in Silver Spring, Maryland.

 I have called Montgomery County Property Assessment office on other properties as well.  I met one assessor at the Potomac, Maryland home of an elderly gentleman.  The property was in horrible disrepair.  The assessor asked me how much I thought that the home was worth and that is how he assessed the property.  I was honest.

 I anticipated the same outcome this time.  I did not expect to have to have a formal appeal hearing to demonstrate that they did not use valid comparables.

It is my hope that I can get this addressed through the proper channels without having to go to a hearing.

 If my Silver Spring home appreciated that much in just over two months, I would certainly consider selling, or holding.  Maybe I should ask Montgomery County Government what the market trend is.  As I use a different set of tools to do my analysis for my property value.

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