Monday, February 16, 2009

My Home Is Worth What?!

Post by Yen Ho

With property values dropping and personal budgets tightening, the new tax assessments arriving in mailboxes throughout the Washington region are drawing close scrutiny from homeowners. If early appeals are any indication, more people will be seeking to get a break by having their home valuations reduced.

However, assessors point out that a stumbling real estate market may not translate to lower property taxes.

Appeals are already up sharply in Maryland, officials said. Assessments were sent Dec. 31 to Maryland homeowners whose properties were up for reevaluation. They have until Friday to appeal for this year. Most Virginia cities and counties and the District will mail their notices by March 1, and they generally give homeowners 30 to 45 days to appeal.

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