PG County Real Estate

In contrast to stable pricing in nearby DC, Prince Georges County home values have fallen 18.4%.  Recent tax assessments reflected a decrease for the first time in 10 years.

One third of county homes are assessed every year.  As a result of this assessment, Prince Georges County’s residential tax base dropped from $29.5 billion to $24.1 billion.  Some property values dropped by $100,000.  About 65,100 properties in neighborhoods north of the Beltway College Park, Oxon Hill, and Accokeek in Prince Georges County were assessed.  Only 2,400 properties increased in value.

The decline in Prince Georges County assessments is higher than the state average of 16%, but lower than five other Maryland counties, including nearby Frederick County (down 22%) and Worchester County (down 20%).

Though property holders assessed this year can expect lower tax bills, the county expects a 2% increase in tax revenues from the county as a whole.  This is good news for homeowners, as well as county budget planners and good news for Prince Georges County residents who rely on county services.

Taxpayers who received assessments this year must register their home with the Homestead Property Tax Credit, which caps how much assessments can rise in the future.  Maryland is in the process of creating a state database of homeowners eligible for the credit.

Despite the current decline in property values, Prince Georges County is a great place to live.  Crime rates are the lowest in 40 years.  The county is currently implementing a master development plan.

Express Realty Services can find you a great housing value in Prince Georges County.  Contact Express Realty Services for information about area homeowner programs, as well as about the home buyer’s tax credit.

Maryland Governor Marvin O’Malley is shaking his head at recent news that Maryland is in the Top 10 for foreclosures. Though the state has the highest median household income in the country due to high-paying federal jobs, federal contracts, and research grants, foreclosure filings are up 70% in Prince Georges County and up 20% in wealthy Montgomery County.

O’Malley has attempted to alleviate the foreclosure situation by promoting reforms that included one to slow foreclosures and aide homeowners through Department of Housing and Community Development grants.

The efforts to hold off or prevent foreclosures are frustrated by many factors the state cannot control.  When people lose jobs, they often cannot pay their mortgage, even if they have received loan modifications or other help.  As a result, local communities lose tax money and foreclosure rates rise.

Many are not eligible for loan modifications since their homes are underwater.  The governor is pushing for state-backed intervention in the form of mediation between borrowers and lenders.  With a $2 billion budget deficit, the state will have to cut other programs to finance mediation efforts.

Those who are in loan modification programs do not send their paperwork in fast enough, according to banks.  Foreclosure counselors, like Tom Simonton of consumer Credit Counseling Services in Rockville, MS, say the banks are to blame.  He cites cases of sending in paperwork 8 to 10 times by fax.  UPS, FedEx, and certified mail – only to have the lender say they didn’t get it.

Express Homebuyers can buy your home for cash.  Check our list of frequently asked questions to see how this can help you, and then call 877-804-3252 to get started.