State government is primarily funded by the income tax and the sales tax. Of all the figures on the notice, the single most important figure is the total new fair market value.
This is the new appraisal estimate of both land and buildings improvements. The new fair market value shown on the notice may be appealed. Appeal deadlines and instructions are provided with the notice.
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For example, land located near the water is generally more valuable than land located inland. Likewise, land located near an urban center is usually more valuable than land located miles away. Land sales are reviewed and analyzed by assessors in order to determine location factors.
- Step 1: Determine the FMV.
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In the absence of sufficient land sale information, assessors estimate the value of the land using an allocation or percentage method. This method employs the valuation of the total property, using property sales of similar houses, and then separating land and improvement values based on a percentage of the total for each component.
A customer may obtain a copy of their property worksheet at any time from their local assessment office. The property worksheet details the improvements and land maintained on the account by the assessment office. The property worksheet also contains information including a description of the property, as well as calculations made to reach the appraisal estimate.
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Typically, the same rate is used for the minimum building lot size for similar lots. Rates may vary depending on size, location, and zoning. A lot which is larger than the minimum building lot size required by the zoning will be valued at more than one rate. One rate will be for the minimum area needed to build a house and the other rate s will be for the land area in excess of what is needed to build.
The first rate is known as the "primary" rate and produces the basic home site value. Listed on the property worksheet are the basic rates per square foot or any flat charges used for each component of the building improvement. Multipliers, factors, depreciation, and other adjustments are also enumerated. Common factors listed on the worksheet are described below: The "County Multiplier" noted on the worksheet is a regional multiplier that is applied to the cost.
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This accounts for regional differences in cost and market throughout Maryland. The quality selections are based on a numerical scale of The "Neighborhood Adjustment" noted on the worksheet formerly known as Market Value Index or MVI represents the blend between the sales and cost approaches noted previously. This adjustment factor provides for adjustments based on elements such as the market location of the dwelling within the jurisdiction, the demand for the model type of home, and the overall housing market.
A sales analysis of the neighborhood s and dwelling model s is completed at each reassessment cycle in order to determine the Neighborhood Adjustment. The "Neighborhood Adjustment" is also used to reduce the cost estimate if an analysis of sales indicates that the market is less than the cost estimate. The notice contains an appeal form and instructions that must be filed with the local assessment office within the 45 day time limit for appeal. When considering whether to appeal an assessment, the focus should be on the total new fair market value and whether any errors have been made in the improvement characteristics on the property.
The first step in the appeal process is known as the Supervisor's level of appeal and provides the customer a time to discuss the assessed value with an assessor - either in person, in writing, or by telephone. The local office will then notify the customer of the scheduled hearing date, time, and location if applicable.
To assist in an appeal, a complementary property worksheet and area sales listing is provided at no cost prior to the scheduled appeal date.
For a reasonable fee, the customer may also obtain copies of the property worksheets for requested comparable properties. These property worksheets must be identified by the customer. The intent of the Supervisor's level appeal is the exchange of information. This is the opportunity for the customer to discover as much as possible about the manner in which the appraisal was made.
In addition, the customer should note any factors which may affect the value of the property under appeal. The issue of the appeal is the fair market value of the property. After all the information presented at the hearing has been reviewed, the customer will be sent a "final notice. The final notice includes a statement that the customer has the right to appeal the assessment to the local Property Tax Assessment Appeal Board within 30 days of the date of the notice. Appeal Boards are located in each of the 24 jurisdictions. These boards are comprised of local residents of the jurisdiction who are recommended by the local government and appointed by the Governor.
They are a separate and independent body from the Department. The customer and an assessor will each be given an opportunity to present their arguments with regard to the fair market value of the property under appeal. The appeal is informal and the customer is not required to be represented by an attorney. After the Board reviews the information presented at the hearing, a written notice of decision will be issued to both parties. An appeal to the Board can also be made in writing, eliminating the need to attend the hearing.
No filing fee is involved and an attorney is not required. The customer and an assessor are given the opportunity to present their arguments concerning the fair market value of the property. A decision is rendered to both parties in the appeal. This is the last administrative step in the appeal process. Any further appeal must be taken to the Circuit Court. Customers have various rights available to them throughout the assessment and appeals process.
To receive a brochure which lists these rights, contact your local assessment office or access our web site at www. Interest and penalties are calculated on the net amount of the bill, after any credits are applied. Delinquent taxes, including unpaid penalty and interest charges, will result in the sale of the property tax lien through a tax sale public auction process which is generally conducted in the month of June of the subsequent calendar year.
A tax sale will also occur if the taxpayer owes an amount equal to the interest and penalty, even if the amount of the tax bill has been paid.
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