Property assessments are down by 22 percent in the past three years in Maryland. The Maryland Department of Assessments and Taxation says real estate values on residential properties have suffered the largest decline in the history of the department.
The state reassesses properties every three years. The new assessments are based on the sales of about 51,650 properties over that period of time. While they play a role in determining local property taxes, next July's tax bills will be calculated with tax rates set by local governments.
The department mailed notices yesterday to nearly 740,000 property owners reflecting the drop.
Puerto Rico's governor says the U.S. territory cannot pay its billions in debt. Like Greece, it faces a long road to stability. We look at the fundamental economic problems in Puerto Rico and Greece, and how they could affect economies in the U.S. and worldwide.
When you give to WAMU, your tax-deductible membership gift helps make possible award-winning programs such as Morning Edition, All Things Considered, The Diane Rehm Show, The Kojo Nnamdi Show, and other favorites.