Baltimore city taxes and assessments

[Dennis Hollier]

Hey Baltimore Investors,

I'm looking at a multifamily in the city, but I'm worried that the taxes will rise significantly when I purchase the building. Does anyone know how assessments work in the city? Will the new assessed value equal the sales price, or is there some other formula that the city uses that will end up with an assessed value significantly lower than the sales price? The difference could be $3,000 a year in expenses.

[Ned Carey]

The city tax assessors use voodoo magic to come up with the numbers. Your assessment may stay low or may jump well above what you paid.

Personnel I feel they are so far off reality that the assessors are criminally negligent in their assessments. I think the city is ripe to have a class action suit against it for tax assessments.