<small>© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).
<small>© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).

Appealing Your Tax Assessment - Part 3 of 4

by Susan Pruden
January 23, 2018 A little about the Homestead Tax Credit: From SDAT: "To help homeowners deal with large assessment increases on their principal residence, state law has established the Homestead Property Tax Credit. The Homestead Credit limits the increase in taxable assessments each year to a fixed percentage." If you feel your assessed value is too high, but decide not to appeal, particularly if you are protected by the Homestead Tax Credit, that is your choice. However, if you think you might sell within the next 3 years, it might still be worth appealing as your buyer will have to qualify on the full amount of the tax payment. Buyers don't get the protection of the tax credit until they've been in the house for a year. The Homestead Tax Credit does not affect your assessed value. It affects your payment. You may appeal your assessed value and still not see a marked reduction in payment because of the cap that is in place due to the tax credit. And even though you just got the assessment letter, you won't know what the actual tax bill will be until July.

For example, if your home assessed at $400,000 and you think it is only worth $300,000, you might choose to appeal. However, if you already are protected by the Homestead Tax Credit, your actual payment might not change by much. BUT - if you sell, then the buyer has to qualify on the full tax payment for that $400,000. So even if it doesn't change your payment, it is still worth challenging.

To find out if you are protected by the Homestead Tax Credit, go to http://sdat.dat.maryland.gov/RealProperty/Pages/default.aspx and scroll to the bottom. You do not qualify if the house is not your principle residence. If you want to see if the credit was applied on your current bill, go to http://taxinquiry.princegeorgescountymd.gov/ More in this series:

A lifetime Maryland resident, Susan Pruden has the ideal foundation for selling and buying homes. After 8 years working in just about every facet of the mortgage industry, and several years with her own company specializing in marketing for real estate agents, Susan got her real estate license in 1994. Susan has earned several industry awards. The CENTURY 21 Quality Service Pinnacle Award is based on reviews from Susan's clients and is earned by a very small percentage of agents. She has earned that coveted recognition since 2012

Two others were awarded by the Prince George's Association of REALTORS®. The Distinguished Sales Associate of the Year Award is based on a mixture of community involvement, association involvement and real estate education and designations. The other, the Distinguished Service Award, is for "exceptional meritorious service."

Susan is involved in her local community. She was named Cheverly Volunteer of the Year in 2018, even having June 25th designated "Susan Pruden Day" in the Town of Cheverly. She is also a Commissioner on the Prince George's County Historic Preservation Commission and President of the Cheverly American Legion Auxiliary.

Susan Pruden has lived in Cheverly lived with her husband, Joseph, for almost 30 years.

Susan Pruden, REALTORĀ®
CENTURY 21 New Millennium
1000 Pennsylvania Ave SE
Washington, DC 20003
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© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).
<small>© 2019 Susan Pruden. All rights reserved. Each CENTURY 21 office is independently owned and operated. Listings provided by Bright MLS from various brokers who participate in IDX (Internet Data Exchange).
 
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