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Posted by moongeegee on September 28, 2008, 1:05 pm
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Would someone please explain/provide me how Maryland state charge
property tax. It is resident property tax.
We just move to Maryland. I ask many people, some of them are Realtor
agents. However I could not get a clue.
It seems Maryland has an unusual way to change resident property tax.
For instance, if I just bought a house, how does the state change me
the first year 2008 tax, how to caculate
next year and so on.
You will be appreciated, thanks in advance.
========================================= MODERATOR'S COMMENT:
I let this through even though property taxes are somewhat off
federal issues, assuming one concise knowledgable answer might result and
OP will be helped.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Phil Marti on September 28, 2008, 2:54 pm
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"moongeegee" wrote:
> Would someone please explain/provide me how Maryland state charge
> property tax. It is resident property tax.
> We just move to Maryland. I ask many people, some of them are Realtor
> agents. However I could not get a clue.
> It seems Maryland has an unusual way to change resident property tax.
> For instance, if I just bought a house, how does the state change me
> the first year 2008 tax, how to calculate
> next year and so on.
I may be able to help a little, although this is based only on my experience
of buying in August.
The tax year is the calendar year, with arrearage payments due in September
and December. If you closed before the first installment was paid the
seller gave you money for taxes from 1/1/08 to the date of closing. You'll
be responsible for paying the whole year's taxes. If you closed after the
first installment was paid the amount credited to you will be less, but
there still should be some if you closed after 6/30/08. That part is
straightforward.
In my experience they reassessed for the balance of the year based on my
purchase price. Money was held in escrow at closing to pay the anticipated
increase. They didn't get around to actually doing it and billing me until
early in the next year.
Here in the People's Republic of Montgomery County we now have a law
requiring disclosure of all this and an estimate of what additional taxes
you'll owe for the current year, so I guess you're elsewhere.
You might be able to get more information from your County (or Baltimore
City) assessor's office. You should definitely be able to get the current
year's mill rates from them or the Treasurer. A worst-case scenario would
be applying those rates to the difference between your purchase price and
the current assessed value, giving you the additional amount you'll owe. It
will probably be less, since mine wasn't assessed at the full purchase
price.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Mark Bole on September 28, 2008, 11:21 pm
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moongeegee wrote:
> Would someone please explain/provide me how Maryland state charge
> property tax. It is resident property tax.
> We just move to Maryland. I ask many people, some of them are Realtor
> agents. However I could not get a clue.
> It seems Maryland has an unusual way to change resident property tax.
> For instance, if I just bought a house, how does the state change me
> the first year 2008 tax, how to caculate
> next year and so on.
>
> You will be appreciated, thanks in advance.
>
> ========================================= MODERATOR'S COMMENT:
> I let this through even though property taxes are somewhat off
> federal issues, assuming one concise knowledgable answer might result and
> OP will be helped.
>
Two comments:
1) if you read the group charter and guidelines, as referenced in the
sig of each posting, you will see that no specific kind of tax is
mentioned. Therefore *any* tax, in any country, for any type of entity,
is fair game for this newsgroup -- income tax, real/personal property
tax, excise tax, value added tax, estate tax, gift tax, corporate tax,
intangible property tax -- All Inclusive!
1a) the same guidelines, however, tax scams and tax protesters are
specifically prohibited.
2) many states have "unusual" (I would use the term "bizarre") ways of
charging property tax. In Illinois it seems to be always at least a
year and half in arrears (so when a sale occurs, property tax allocation
is always an estimated thing), in California the assessed value has
nothing to do with market value, and it just gets as weirder or weirder
from there.
-Mark Bole
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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