The new tax assessments for the State of Maryland are due to come out in the upcoming days, and the state’s assessment office says it will show an unusual thing — a drop of an average of 19.7% in value since 2005-6, the last time many of these homes were assessed.
What does this mean for Towson Homeowners?
Not much, unfortunately.
Your taxes will not be lowered, as Maryland still needs your money.
Also, the way assessments are structured, even if your value had jumped UP tremendously, the taxes would only rise a capped amount. The 19.7% drop does not lower the value enough to restructure your property’s tax rate. In most cases, unless you bought your home in the last two years, your taxes will still rise.
Larry Carson of the Baltimore Sun wrote a very detailed article explaining the drop in values but not in taxes owed.
Towson has not dropped in value as dramatically as some areas, so I do not expect to see that percentage here. I will be curious to see what Maryland now has my Towson home assessed to be versus its true market value.
Tax assessments are not actual market values of a home, so be aware of this. If you are considering moving and would like a true market value range for your Towson home, please contact me, and I will be happy to give you an approximation the market around your house!