UPDATED: Baltimore City Welcomes the New Year by Sticking it to You!
I know, I know. . . THREE Hawker posts in one day? Is Hampden burning?
No, it's just that the new property tax assessments have come out!
Hawker's assessment increased by $114,150! Granted, Hawker won't have to pay taxes on the full new amount until 2010, but something is wrong. There's no way Hawker could sell her house for the newly assessed value. A quick poll of a few Hampdenites reveals that everyone's suffering.
What gives Baltimore?
Just FYI, City Council Members for Hampden are:
Belinda Conaway (phone: 410-396-4810 & email: bconaway@baltimorecitycouncil.com) and
Mary Pat Clarke (phone: 410-396-4814 & email: mclarke@baltimorecitycouncil.com)
Oh, and can you explain why my next door neighbor's places assessed at $71,380 and $58,480 LESS than mine? And we all live in the same freaking row houses! (You too can find out what your neighbor's houses assessed for! Just go here. It's all public record.)
UPDATED 1/3/08: You can bitch to your city council members, but property taxes are a state thing. Your new assessment notice should include information about how to appeal an assessment (which Hawker plans to do after researching the assessed value of her neighbor's homes.) However you feel about your new assessment, you can earn a Homestead Tax Credit on your primary residence--this will limit the amount of assessment increase allowed each year (so you won't have to pay the new assessment amount in 2008.) HOWEVER, this year, you MUST submit an application for eligibility, which should also be included with this year's assessment.
posted by Plantastic @ 3:14 PM
4 Comments:
Here's what I think:
Maybe you will never have to pay the full taxes on your house...it's capped at 4% per year...AND, the next assessment will reflect the market a year previous to receiving it in the mail. Same as today, we receive an assessment that reflects what the market was around a year ago. They aren't up to date since it takes a while to compile.
Bikebreath
True, but it my assessed increase is ridiculous. It's the principle of this thing.
Mine went up $136,490. Yoinks.
A high assessment will also help give you a better loan to value ratio if you go to refinance or if you have PMI on your mortgage and want to cancel it. The mortgage savings, depending on your particular situation, could outweigh the extra taxes you'll pay.
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