MoCo provides calculator for property taxes

March 19, 2008

Beginning April 1, home sellers in Montgomery County are required to provide their buyers with an estimate of the next year’s property tax bill.

The idea behind the new law is to “eliminate the shock” that many county homebuyers have endured after realizing they will pay significantly higher property taxers than the previous owner.

See, even though the state reassesses residential properties every three years, the taxable assessment is capped at a 10% maximum increase per year - except when the home changes ownership. The new buyer will pay tax based on 100% of the current taxable assessed value.

In some cases, the difference is in the thousands.

But the county’s making this one easy: they’re providing a web-based calculator that will reveal the answer for potential homeowners.

Have fun testing it out. I tried out a few addresses of stately homes in the Potomac area, only to cringe at the estimates.

If you do try it, remember only to put the house number and street name - ex.: 100 Maple.

JACKIE SAUTER, Web Editor

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Posted by Jackie Sauter | Filed Under business, montgomery county, real estate, taxes 

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