Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Baltimore Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago, 01/08/2021

Account Closed
0
Votes |
3
Posts

Property Tax Reassessment in Baltimore

Account Closed
Posted

Hello! I'm looking at an attractive multifamily in Reservoir Hill, but have concerns about possible substantial tax increase. The seller owned the property for 15 years and current tax they pay would double (to $16k) if reassessed at the purchase price. I'm not sure why it's still that low and wasn't caught up over the years. Assessment office doesn't seem to have clear guidelines on how they determine value base. Several professionals (attorneys, tax) say that it won't be assessed as high as purchase price. This is the deal that makes great sense or no sense at all depending on the tax numbers. I would appreciate any input from those who has experience with similar situations. 

User Stats

512
Posts
375
Votes
Tim Jacob
Pro Member
  • Real Estate Agent
  • Baltimore, MD
375
Votes |
512
Posts
Tim Jacob
Pro Member
  • Real Estate Agent
  • Baltimore, MD
Replied

If its your primary residence you could use the homestead tax credit to lock it.  If not you might get caught if its really under assessed but I dont think the city looks into it that hard considering all their other problems.  What part of reservoir hill is it?  That neighborhood really fluctuates.

  • Tim Jacob
  • Account Closed
    0
    Votes |
    3
    Posts
    Account Closed
    Replied

    Druid Park and I-83 corner. Do you have any experience/knowledge on how they look at the properties during reassessment in Baltimore? Do they just mainly continue with the previous assessed value (because there's more important things they have to focus on) or actually try to adjust values according to the market? In this case, tax numbers could be a deal breaker and change the bottom line quite significantly. 

    BiggerPockets logo
    Join Our Private Community for Passive Investors
    |
    BiggerPockets
    Get first-hand insights and real sponsor reviews from other investors

    User Stats

    1,607
    Posts
    775
    Votes
    Ozzy Sirimsi
    Agent
    • Real Estate Agent
    • Baltimore, MD
    775
    Votes |
    1,607
    Posts
    Ozzy Sirimsi
    Agent
    • Real Estate Agent
    • Baltimore, MD
    Replied

    If nothing changes in the house, no updates, no permits pulled , no addition, I doubt it will double right after the purchase based on the purchase price. Obviously there is no guarantee, but purchase price is not the only determination factor to it.

    • Ozzy Sirimsi