You may have already received it, a plain looking envelope with green lettering and the words “property assessment enclosed.” I got mine last week, ripped open the envelope and prayed for a decrease. I got it. Yay! However, our assessment is still higher than the market value. Tomorrow, I will begin the process to appeal. I’ll let you guys know how it goes. In the meantime, we’ve developed some useful tools for you to use to ensure that you’re not paying more than you should in property taxes.
Appeal Inflated Property Assessments
Because home valued have dropped about 25% in Maryland between 2006 and 2009, you should see a significant decrease in your next property tax assessment notice. Although many will welcome the decrease, we recommend you still check to see whether your assessment value is not too high.
If not already in your mailbox, residents should receive property tax assessment notices over the next several days. If you believe your home assessment is still too high, you must challenge the assessed values within 45 days of the notice or lose all opportunities to lower your tax bill.
The back of assessment notices have information on how to appeal the assessment. Residents can file an appeal online until February 12, 2010, at http://sdatcert4.resiusa.org/.
How to Determine your Home’s Current Market Value
If you appeal the state’s assessed value, you should be prepared to present evidence that your home’s market value is less than the figure indicated on the notice.
One can always call their lender and inquire about their home’s last appraisal value. You can always check home sale records in the newspaper or pay for an up-to-date appraisal. Also, consider contacting a realtor and see if he or she will provide you information on recent home sales in your area.
The following chart illustrates housing highs and lows over the past few years in several Maryland jurisdictions. Some experts believe that home prices may dip again in 2010 because of increased unemployment and foreclosures. Maryland was one of five states were unemployment increased while much of the nation experienced a slight dip.
Average Home Values
|
Jurisdiction |
Peak (date) |
Low (date) |
Current |
Overall Drop |
|
Maryland |
$335K (6/06) |
$268K (1/10) |
$268K |
25% |
|
Baltimore Metro Area |
$298K (6/07) |
$250K (1/09) |
$255K |
12% |
|
Baltimore County |
$275K (6/07) |
$239K (1/09) |
$245K |
13% |
|
Woodlawn |
$250K (5/07) |
$208K (1/09) |
$210K |
19% |
|
Catonsville |
$325K (4/06) |
$285K (1/09) |
$300K |
8% |
|
Arbutus |
$262K (4/06) |
$229K (1/09) |
$231K |
13% |
|
Baltimore Highlands, Lansdowne, Riverview |
$215K (9/07) |
$175K (1/09) |
$176K |
22% |
Source: Zillow.com; January 3, 2010
Be Sure to file for the Homestead Exemption Tax Credit
Effective October 1, 2007, the General Assembly required homeowners to submit a one-time application to receive or continue receiving the tax credit. Critics suggest this was the Legislature’s way of taxing citizens who were too busy to file or uneducated about the process to help lower their tax bill.
At Team Whisler, we want to ensure you have lower tax bills so you can spend more on your families instead of our bloated government. Be sure to file for the Homestead Tax Credit by visiting https://sdathtc.resiusa.org/homestead/.
On the website, you will need to enter your Real Property Account and Access numbers. These numbers are on the page entitled Application for Homestead Tax Credit Eligibility, which is included in the property assessment notices sent by the state in late December. If you cannot locate these numbers, call the State Department of Assessment & Taxation at (410) 767-2165.
Even though you believe you may have already filed the paperwork, we urge you to go online and file the application again. Many we have talked with thought they received the tax credit, but later learned that the state’s legislative actions (some prefer to use the term antics) in 2007 prompted them to pay more taxes than necessary over the past few years.
For your reference we’ve included a couple charts, mapping the home values in our area over the last decade.
Friends of Steve Whisler
PO Box 21001; Catonsville, MD 21228
Authority: David Wasmund, Treasurer
www.ElectWhisler.com
