Baltimore Metropolitan Real Estate Market Report

Wednesday, March 25, 2009

"Making Home Affordable"

The federal government has launched a new website with online tools that will allow a homeowner to determine if they are eligible to participate in the "Making Home Affordable" loan modification and refinancing program.

The site is http://makinghomeaffordable.gov and shares information about how this program works and who is eligible for assistance. This is the same $75 billion program you may have heard of recently in the media.

The homeowner you are working with should have the following available:

* Information about your first mortgage, such as your monthly mortgage statement.
* Information about any second mortgage or home equity line of credit on the house.
* Account balances and minimum monthly payments due on all of your credit cards.
* Account balances and monthly payments on all your other debts such as student loans and car loans.
* Your most recent income tax return.
* Information about your savings and other assets
* Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
* It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.

Understand that it has always been our intention to help homeowners stay in their homes, however in many cases even with this program that will still not be possible. In these cases it is critical you help the homeowner avoid foreclosure.

Saturday, February 14, 2009

Property Tax Assessments in Maryland

PROPERTY TAX ASSESSMENT NOTICES REFLECT CHANGE IN MARKET SINCE 2005
Assessment notices mailed today to 731,611 property owners across the State reflect the change in real estate values since these properties were revalued in 2005.  Over the past three years, property values have experienced a mixed change in value with 50% decreasing or no change and 50% having some increase.  The amount of increase/decrease is reflective of the area being reassessed and price ranges.  On average, statewide residential values decreased by 3.4% and commercial property increased by 17.5%.
Property owners are receiving a redesigned assessment notice.  Properties designated as the owner’s principal residence will receive a Homestead Tax Credit eligibility application if they have not already applied.  The purpose of the application is to certify where their principal residence is located….

In Maryland, properties are reassessed, by law, once every three years.  Properties are required to be assessed at their current market value so that each property owner pays only their fair share of local property taxes.  The properties being reassessed were last revalued for the 2006 tax year.  The new assessments are based upon the examination of more than 71,206 sales which have occurred in the reassessment area over the past three years.  Emphasis has been placed on sales which occurred during the first half of 2008. Any increase in property value is phased-in equally over the next three years.  Any decrease is fully implemented in the first tax year and remains at the reduced assessment for the full three year cycle.

New owners are not eligible for the Homestead Tax Credit for the first year.
You may appeal the property assessment within 45 days of receipt.

For further information, contact the State Department of Assessments and Taxation at 410-767-1184.  Extensive reassessment data and information is available from the Department’s website at www.dat.state.md.us.