The Maryland Coast Dispatch had an article yesterday on the effects of the popping of the housing bubble on Worcester County Maryland property tax assessment values and tax revenues:
“Worcester County can expect $10.4 million less in property tax revenue in the next fiscal year compared to the current, according to recent land reassessment numbers.
The just completed reassessments in the Berlin and Ocean Pines areas, roughly the north end of Worcester County, excluding Ocean City, show a 36-percent decline in property market value.
Much of the decline can be attributed to falling property values in the Glen Riddle development, (Worcester County Chief Financial Officer Harold) Higgins noted. Homes in the $300,000 to $800,000 range are at the greatest risk for value reductions.
Worcester County, with a 20-percent reduction overall, lost more value in the recent reassessments than any other county in Maryland except Frederick, which lost 22 percent of its cash value.
House values in Ocean Pines declined 12 percent to 39 percent on average, Commissioner Judy Boggs noted. Overall, the greater Ocean Pines area shows a 20-percent decline.”
The full article -
