Market Monday Maryland Suburbs

    At Wilson Realty Group, very few of our buyers ask tax questions before we broach the subject with them. While REALTORS are not tax specialists, you should expect your REALTOR to know where to go to get you this information. At a minimum, buyers should all ask these 5 property tax questions.

    1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.

    2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property is reassessed.

    3. Will the sale of the property trigger a tax increase? The assessed value of the property may increase based on the amount you pay for the property. And in some areas taxes may be frozen until resale.

    4. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate.

    5. Does the current tax bill reflect any special exemptions that I might not qualify for? For example, many tax districts offer reductions to those 65 or over.

    If you have questions about your next move call Wilson Realty Group today at 202-642-5478 to get answers. We are here to help!

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