Hi All:
I live in the state of Maryland and I spotted this 3 bedroom TH that I’m going to make an offer on. I have one concern, and that is, the property taxes are based on the homes past value. How can I get the home re-assessed at it’s current value before I close? Thanks in advance.
dlmcgill
Good luck with that!
I purchased a house in December of 2008 the tax assessor used the previous sales price to calculate the taxes. At that time the previous sales price was $342K. I paid $185K (short sale). My taxes went down in 2010.
JP
In Ohio, you can only challenge the tax value once a year. Usually the complaint needs to be filed by the end of Feb, you get a hearing in June and you get an answer in Sept.
In MD, the county tax assessor reassesses properties every three years. The assessed tax value for the property is the assessors opinion of market value at the time of the assessment. If the last assessment was done in 2009, then you should be on schedule for a new assessment near the end of this year.
in Texas the appraisal district reassesses ever 3 years, but you can challenge the valuation any year during the set time period (the first part of the year)
Thanks for the responses to my question. Your answers are very helpful.
dlmcgill
Frederick and Montgomery counties both completed reassessments in 2010 and the tax assessed value went down for most properties to reflect today’s market values. The new tax assessed value will be used when the 2011 tax bills are issued.