This has to be a super hot topic on the minds of the 1/3 of Maryland real property owners who will be receiving their Maryland real property assessment notices in the days ahead. The Baltimore Sun reported on December 29th that statewide Maryland real estate tax assessments were to fall an average of 19.7 percent:
“Nearly all Maryland homeowners due to receive new property assessment notices being mailed today will see a lower assessed value on their houses, reflecting what officials say is the largest decline in the state assessment office’s history. On average, residential property values dropped 19.7 percent over three years, according to C. John Sullivan, director of the state Department of Assessments and Taxation.
I’ve never witnessed anything like it. It’s unprecedented,” said Sullivan, who has worked in the state’s assessment agency since the mid-1960s.”
The article goes on the address the decline in values in the northern Ocean City Maryland area:
“Worcester County revalued the northern portion of the county just west of Ocean City, where supervisor Robert L. Smith said 78 percent of homes are not owner-occupied. “There are hundreds of [vacation] condos,” he said, and property values are heavily influenced by the tourist market in Ocean City itself. Residential values there declined 23.9 percent.”
The full article-
http://www.baltimoresun.com/news/maryland/bal-md.assessments29dec29,0,2033099.story?page=2
If you are an Ocean City Maryland area home owner who has received their new property assessment and still feels that their assessment is too high, we can help. We will be pleased to assist by preparing an assessment appeal package to help obtain an Ocean City area condominium or single family home property tax reduction. If you wish, we will represent you before the State of Maryland Department of Assessments & Taxation appealing your Ocean City area property real estate tax assessment. Contact us today.
