Due to a fluctuating real estate market many properties in Maryland are over assessed. Because of this many homeowners in the Baltimore and DC area are losing thousands of dollars a year in overpayment of property taxes. Local municipalities are overwhelmed and because they employ mass assessment techniques their assessed value of your home may not accurately reflect it's fair market value. Homeowners have the right to appeal the assessed value of their properties.
How the Appeal Process Works.
The real property tax assessment of every property in Maryland is reassessed once every three years. This is called the comprehensive tax assessment, and this value is used to determine how much each home owner will pay in property taxes for the next three years. There are a lot of properties in Maryland, and assessors are forced to employ mass assessment approaches which do not always take into account specific property characteristics. This can result in properties being over assessed.
All property owners can appeal their tax assessment each year, and that's why it's beneficial to ensure you are not paying more than your fair share in property taxes.
In 2011 tax assessment savings average more than $2000 per year when appealing property tax assessment. This savings can directly reduce your monthly mortgage payments by almost $200 each month.
Contact me at (443) 562 9209 or visit http://www.love4houses.kwrealty.com or email me at firstname.lastname@example.org for more information about your property tax appeal.