Today I opened my mail and actually got good news. Prince George's County agreed with my petition and has reduced the market value on my home. This should have a significant impact on my tax liability and therefore my monthly mortgage payment.
Like many other people, my home's tax value was WAY above it's current market value and the new assessed value is much more in keeping with any potential sales value.
I have had many clients that ask me about whether this process works.
Now I can answer from personal experience. The process actually works quite quickly. We filed the petition in the beginning of January, a tax assessor was at our house late January and we received the decision today.
If you feel your home's assessed value is incorrect, don't be afraid to appeal it. What do you have to lose?
If you or someone you know would like information about buying, selling, or renting a home in Prince George's, Montgomery, Charles, Anne Arundel, Howard, and/or Baltimore Counties please contact Dr. Stacey-Ann Baugh of EOP Real Estate, LLC.
Donations made to charity with every successful closing!
Dr. Stacey-Ann Baugh
EOP Real Estate, LLC
www.staceybaugh.com
staceyannbaugh@gmail.com
240-481-3565 (C)
240-206-7283 (O)
FINALLY! A DOCTOR WHO MAKES HOUSE-CALLS!
Information deemed reliable but not guaranteed!
That is great news. I did not know that you can appeal. I will do with mine first thing monday.Thanks for sharing the post.
Dr. Congrats on your revaluation. It makes good sense to protest the assessed value every year. Cheers!
It is so evident in the sales statistics that homes are selling way below their assessed value. Good for you for stepping up and appealing. Too bad they do not allow it all year long.
Stacey Ann,
Good for you. Taxes in PG County are getting out of hand.
Rich
Stacey-Ann. I was talking to a title company the other day about this. She seemed to think a reduction in taxes will eliminate the homesteadtax credit. She did the math on my home with the new assessment and I could potentially be paying $1500 more than I pay now with the tax credit!!!
Good for you Stacey! Long Island and the town of babylon here doesn't make it that easy to grieve taxes. It's faster to sell a short sale than to grieve taxes. I'm glad you got the reduction :)
Congratulations Stacey! I've helped several homeowners reduce their property taxes by getting comps for them, I guess I should help myself, too!
Sukhdev - You may want to check whether there is a deadline for appeal as well
Matt - For a long time it was not a good idea to protest the value but definitely these days it's a good plan
Martha - We had to appeal because the value difference in the values was so huge.
Rich - PG County taxes are definitely heftier than some of the surrounding counties
Ellie - I didn't see anywhere on the paperwork that it impacted the homestead tax credit. I'll have to look into that more.
Jackie - I didn't realize it would be this easy here either. I expected it to be a long drawn out process
Mary - Yup, time to check the comps in your neighborhood.
Stacey, last year I helped a friend through the same process in southern Alabama and got their assessed value lowered by $125,000...do you think they were happy??