Prince Georges County Tax Assessments Reflect Lower Home Values
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.
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