Homeowners and property taxes

Homeowners and property taxes Property tax bills usually come due once or twice a year. Your local government needs every dime it can collect to pay for all of the services you expect as a resident: schools, libraries, hospitals, and so on. A healthy chunk of that revenue is raised from homeowner’s property taxes. In a healthy market real estate values climb steadily, allowing local governments to take in a little more every year to keep up with inflation. When real estate values are in decline local governments generate less revenue from property taxes, meaning the tax rate needs to go up, the money needs to come from somewhere else, or spending on services needs to go down. According to a 2009 survey conducted by the National Association of Counties, 62% of counties polled say declining property taxes are a major source of revenue shortfalls. Forty-two percent of counties have cut services, and 11% have raised property taxes. Assessment No matter if property values are rising, falling, or stagnant, you need to understand how you’re being taxed. Everything starts with your real estate assessment. Depending on where you live, it will have a legal description of your house and separate values for the land and structure. Add those two numbers together to get your home’s assessed value. If there are any concerns or a discrepancy you may want to contact your State’s Assessment Office.

Maryland's = http://www.dat.state.md.us/ Rita Cook, Realtor/Consultant