1. Home
  2. Taxes General Forum
  3. Maryland property tax

Maryland property tax

Would someone please explain/provide me how Maryland state charge property tax. It is resident property tax. We just move to Maryland. I ask many people, some of them are Realtor agents. However I could not get a clue. It seems Maryland has an unusual way to change resident property tax. For instance, if I just bought a house, how does the state change me the first year 2008 tax, how to caculate next year and so on.

You will be appreciated, thanks in advance.

========================================= MODERATOR'S COMMENT: I let this through even though property taxes are somewhat off federal issues, assuming one concise knowledgable answer might result and OP will be helped.

Reply to
moongeegee
Loading thread data ...

I may be able to help a little, although this is based only on my experience of buying in August.

The tax year is the calendar year, with arrearage payments due in September and December. If you closed before the first installment was paid the seller gave you money for taxes from 1/1/08 to the date of closing. You'll be responsible for paying the whole year's taxes. If you closed after the first installment was paid the amount credited to you will be less, but there still should be some if you closed after 6/30/08. That part is straightforward.

In my experience they reassessed for the balance of the year based on my purchase price. Money was held in escrow at closing to pay the anticipated increase. They didn't get around to actually doing it and billing me until early in the next year.

Here in the People's Republic of Montgomery County we now have a law requiring disclosure of all this and an estimate of what additional taxes you'll owe for the current year, so I guess you're elsewhere.

You might be able to get more information from your County (or Baltimore City) assessor's office. You should definitely be able to get the current year's mill rates from them or the Treasurer. A worst-case scenario would be applying those rates to the difference between your purchase price and the current assessed value, giving you the additional amount you'll owe. It will probably be less, since mine wasn't assessed at the full purchase price.

Reply to
Phil Marti

Two comments:

1) if you read the group charter and guidelines, as referenced in the sig of each posting, you will see that no specific kind of tax is mentioned. Therefore *any* tax, in any country, for any type of entity, is fair game for this newsgroup -- income tax, real/personal property tax, excise tax, value added tax, estate tax, gift tax, corporate tax, intangible property tax -- All Inclusive!

1a) the same guidelines, however, tax scams and tax protesters are specifically prohibited.

2) many states have "unusual" (I would use the term "bizarre") ways of charging property tax. In Illinois it seems to be always at least a year and half in arrears (so when a sale occurs, property tax allocation is always an estimated thing), in California the assessed value has nothing to do with market value, and it just gets as weirder or weirder from there.

-Mark Bole

Reply to
Mark Bole

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.