Mounting values of properties in Washington County amazes many

This may appear to be unusual to you, especially when the whole world is reeling under the pressure of economic recession, but it’s a reality that the values of properties in the Washington County are mounting. Well, this point of view does not stem from any novice or stray group of tax assessors, but from the Maryland State Department of Assessments and Taxation, which is known for its professionalism and prowess. According to the State Department, the reassessed properties have increased in value by an average of 13.6 percent and this has a significant difference with the last time. Well, the assessment notices of the new developments have already been sent to property owners in western and southern Washington County.

There is, indeed, a regularity in the reassessment of properties for tax purposes in Maryland and they take place at an interval of every three years on a rotating schedule. In accordance with this schedule, on Jan. 1, 2009, the reassessment took place with full vigor and the properties like Hancock, Clear Spring, Williamsport, Sharpsburg and Sandy Hook areas of Washington County were reassessed. What was the basis of these reassessments? These fresh assessments, as has been found, was on the basis of sale prices in the reassessment area over the past three years along with stress on sales that occurred during the first half of 2008.

However there are some other facts. It should be kept in mind that the bulk of the new value is a remainder of elevated home prices in the early part of the three-year assessment cycle.

In this regard the press release of the assessments and taxation department stated, “The assessment only partially determines a property owner’s tax bill. Ultimately, next July’s tax bill will be calculated with the tax rates which local governments will set in the spring. As part of the budgetary process, the property tax rates are established by the revenue requirements of each local government.”