Neighbors,
In Prince George’s County, MD, property tax assessments are issued in every year in July. The county Assessor’s office is responsible for valuing your property once every three years. After reviewing my recent tax assessment on my own residence in Upper Marlboro, MD, I noticed it has decreased in value (again) roughly 17%. I purchased this property in 2006 for $410K. The county has valued it at $244K. That’s a difference of -$166K and an overall loss of 40%. To make matters worse, the real disparity is in the actual sales of properties in my neighborhood. As a Realtor, I conducted a Comparable Market Analysis or as we real estate agents call it “CMA”, and the numbers suggest that my home would sell for about $190K. That’s the real “Market Value” and it shows an overall loss in property value of more than 50% of what I purchased the house for six years ago. I’m in tears!