(Jan. 5, 2017) Property owners in what the state considers “Area 2” should have received reassessment reports from the state by now, and while individual properties may have seen a rise or fall in assessed value, the average overall is an increase of 4.1 percent, a figure that could have an impact on tax rates this year.
“We saw a slight increase overall, but I believe Pocomoke City decreased slightly, but it was all pretty moderate,” Terri Smith, county tax assessor, said.
Worcester is divided into three areas: Ocean City, the greater Berlin/Ocean Pines section and the rest of the county. Only one area is reassessed per year, a process that has had the effect of initially insulating the county from the aftermath of the 2008 financial meltdown while also spreading out the recovery over several years.
Ocean City was last reassessed in 2015, and will be surveyed next year. The resort’s section, Area 3, has had the historically greatest concentration of property value in the county.
These first numbers are just an estimate, delivered to municipalities in the state to get started on their own budget calculations, and could be revised later this year. Generally, another set of numbers is delivered to the county in March.
Last year, the county’s real property base was estimated at about $14.7 billion, which has grown to slightly more than $14.8 billion this year.
To ensure governments bring in at least as much money in tax revenue as last year, Maryland counties, towns and cities use a “Constant Yield Tax Rate.” Worcester County’s current tax rate is .835 cents per $100 of assessed value, Berlin’s is 68 cents, Ocean City’s is 47.8 cents, Snow Hill’s is 86 cents and Pocomoke City has two — 93.75 cents for owner-occupied, and $1.1311 for non-owner-occupied properties.
Using the new assessments, the county’s tax rate could fall to 82.45 cents per $100 of assessed value, Berlin’s would increase to 68.14 cents, Ocean City’s could fall to 47.27 cents, Snow Hill’s could fall to 85.61 cents and Pocomoke City’s could increase to 94.29 cents for owner occupied and $1.1373 for non-owner occupied properties to still maintain the current levels of funding, based on the state’s initial report.
The various governing bodies of the municipal organizations will hash out just what next year’s property tax rates will be during budget negotiations in the coming months. Budgets are finalized in early June.
Owner-occupied houses in the state are protected somewhat from spikes in assessed value by the Homestead Tax Credit, which limits increases to 10 percent or less each year, effectively phasing in changes. Worcester’s rate is three percent.
Owners can appeal their assessments online until Feb. 13 via the Department of Taxation’s website: assessmentappeals.dat.maryland.gov
“We saw a slight increase overall, but I believe Pocomoke City decreased slightly, but it was all pretty moderate,” Terri Smith, county tax assessor, said.
Worcester is divided into three areas: Ocean City, the greater Berlin/Ocean Pines section and the rest of the county. Only one area is reassessed per year, a process that has had the effect of initially insulating the county from the aftermath of the 2008 financial meltdown while also spreading out the recovery over several years.
Ocean City was last reassessed in 2015, and will be surveyed next year. The resort’s section, Area 3, has had the historically greatest concentration of property value in the county.
These first numbers are just an estimate, delivered to municipalities in the state to get started on their own budget calculations, and could be revised later this year. Generally, another set of numbers is delivered to the county in March.
Last year, the county’s real property base was estimated at about $14.7 billion, which has grown to slightly more than $14.8 billion this year.
To ensure governments bring in at least as much money in tax revenue as last year, Maryland counties, towns and cities use a “Constant Yield Tax Rate.” Worcester County’s current tax rate is .835 cents per $100 of assessed value, Berlin’s is 68 cents, Ocean City’s is 47.8 cents, Snow Hill’s is 86 cents and Pocomoke City has two — 93.75 cents for owner-occupied, and $1.1311 for non-owner-occupied properties.
Using the new assessments, the county’s tax rate could fall to 82.45 cents per $100 of assessed value, Berlin’s would increase to 68.14 cents, Ocean City’s could fall to 47.27 cents, Snow Hill’s could fall to 85.61 cents and Pocomoke City’s could increase to 94.29 cents for owner occupied and $1.1373 for non-owner occupied properties to still maintain the current levels of funding, based on the state’s initial report.
The various governing bodies of the municipal organizations will hash out just what next year’s property tax rates will be during budget negotiations in the coming months. Budgets are finalized in early June.
Owner-occupied houses in the state are protected somewhat from spikes in assessed value by the Homestead Tax Credit, which limits increases to 10 percent or less each year, effectively phasing in changes. Worcester’s rate is three percent.
Owners can appeal their assessments online until Feb. 13 via the Department of Taxation’s website: assessmentappeals.dat.maryland.gov