Drop In Home Value May Mean Higher Taxes

6:49 PM, Dec 28, 2010   |    comments
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UPPER MARLBORO, Md. (WUSA) -- Home values in portions of Prince George's County have plummeted 35%.  The areas affected are from Beltsville to Laurel and Bowie to Brandywine.

While some new homeowners will see a tax cut, hundreds of long-time homeowners will actually see a tax increase because of Maryland's complicated tax law that kept the homestead tax below inflation.

"They will actually see an increase if their homestead tax is below the 1/3 (or 35%) decrease, " said Joe Hensley supervisor of Prince George's County Assessments. "If that's the case, the assessment will be subject to a 1% hike for the county portion of your taxes and 10% for the state portion.

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Links to Help you assess your home:

Maryland

Washington, D.C.

Virginia

 

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Officials blame the lower assessments on foreclosures and short sales that account for every 3 out of 4 homes currently on the market.

Homeowners should expect their assessments some time in the coming week.

Written by Delia Gonçalves
9NEWS NOW & WUSA9.COM

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