If you live in Carroll County, MD, you may have received your property assessment notice in the mail recently. This is a notice that informs you what the market value of your home is, as determined by the Maryland Department of Assessments.
You might be left asking yourself what this statement means and what assessed value is?
When trying to understand the assessment value of a property, you must know who is doing the assessing and why the property is being assessed.
Municipalities, mostly counties, employ an assessor to place a value on real estate in order to levy property taxes on it.
To arrive at a value for tax purposes, the assessor looks at what similar properties are selling for, the value of any recent improvements, any income you may be making from, say, renting out a room in the property, and other factors. Those factors along with some complex math gives them your property assessment value.
The higher your home's assessed value, the more you'll pay in tax. You can check with your local tax assessor for a more exact tax date for your home, in Carroll County, MD you’ll visit www.dat.maryland.gov.
While a home's value in the market can rise and fall precipitously, based on local conditions, assessed values are typically not as sensitive to fluctuations.
Don't be upset as a property owner if your assessment is calculated at a lower amount than you'd figured. It doesn't mean your property value is actually less.
If you are selling your Carroll County Maryland home this year, you may be taking a long hard look at this letter and assessment, don’t worry and don’t fret. Set up a time to discuss your home’s value with a real estate agent and let us crack the code of assessments, market value, property value, and market fluctuation.