Don't Miss the Tax Appeal Deadline!

Although certain parts of the Washington Metropolitan Area have seen appreciation in home prices, many have not.  Real property taxes in our area are based upon tax assessments and not on sales price.  Accordingly, many of my clients ask before, during or after settlement whether they can appeal their real property tax assessment to lower their property taxes.  The short answer is yes, but the deadline for some is approaching fast so it is important for you to know the facts.

In Maryland a third of all residential and commercial properties will receive new tax assessments for 2012, 2013 and 2014 this January.  Each property is re-assessed every three years to help insure that the real property taxes are based upon current market conditions.  The assessment process is carried out by the State Department of Assessments and Taxation at local county levels.  The tax assessment is supposed to be based upon the current market and comparable homes, just like an appraisal.  However, in a market with declining real estate values it is very important for homeowners to review their notice of assessment in order to determine if it is representative of the true market value of their property.

The following are some of the timeframes when a notice of appeal must be filed by:

• New assessments require a notice of appeal to be filed within forty five days of receipt of the assessment.
• If your property is not being re-assessed in 2012 but events have occurred that may have caused a decline in the value of your property, an appeal can be made out of the normal three year timeframe if completed by January 1st. 
• If you purchased a property and the property is transferred after January 1st but before July 1st, you may file an appeal within 60 days of the date of transfer.
• If you purchased a property between July 1st and December 31st, your may file a petition for review on or before January 1st.    

After filing the petition, you will be scheduled for a hearing.  If you prefer, a written submission can be reviewed in lieu of a hearing.  Our experience is to request a hearing and go prepared with comparable home sales.  Typically, the assessor will hold a very informal and brief meeting with you to discuss your grounds for appeal and then take the matter under advisement.  The assessor will send you a letter in several weeks with the results of their decision.  

 

Contact me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium.