01/06/2020
Tax assessment figures were recently released by the Maryland Department of Assessment and Taxation indicating a healthy increase in assessed values. This may lead some to wonder if their assessments are too high. Although each case is different, it is safe to say the SDAT assessed values are typically under real market value. A recent search of single unit dwellings sold in Bel Air within the past 30 days found 43 sales. Of those sales, only 5 sold for less than their assessed values. Of those 5, 2 were bank-owned properties and 1 was an estate sale. Only two of 43 sales (4.3 percent) were less than the assessed value.
A similar search was done for the northern Harford County area which found 12 sales with 3 with assessments greater than their sale price. Of those three, 1 was a bank-owned property and the other 2 were estate sales.
So the take away here is that assessments, on average, increased during the past year, but they likely remain below actual market value. I would caution that this is simply a general survey of the data and that each case is different. Over 30 plus years of appraising, I have only performed a handful of appraisals for clients appealing their taxes whose assessments were egregiously too high.
If you believe you are being over-assessed and would like to appeal, this link from Maryland SDAT is a good guide. It has been my experience that if you can provide good comparable sales data to support your opinion, the assessment could be reduced.
While we strive to provide the most accurate assessments possible, Customers sometimes feel that the Department’s estimate of their property value is incorrect. The assessment appeal process allows property owners the opportunity to dispute the value determined by the Department. Property values r...
