Just curious about property tax in Baltimore City (Mayo: real estate, 2013)

[gps29070]

Say I would buy a $400,000 house at Federal Hill... How much would my property tax bill be?

[boomtownfunlover]

Do a search on a real estate site like cbmove.com and you should get an idea. Could be twice as much as county taxes?

[goldenage1]

The 2013 city mill rate is 2.248. Unless you are getting an exemption of some sort, and the house is assessed at $400K, the property tax would be $8992.

On the whole it is better to look at actual houses on CBMove . The exemption picture is complicated.

[sobo16]

It depends on what the house is assessed at. In addition to the 2.248 per $100 of assessed value, don't forget to add the state tax of 0.112 per $100 of assessed value.

You can find a lot of information here:

Maryland State Department of Assessments and Taxation

And you can search for a specific address here:

SDAT: Real Property Search

[mrboltonman]

When you buy the property the assessed value will most likely be increased to the purchase price.

[MrRational]

Originally Posted by gps29070

Say I would buy a $400,000 house at Federal Hill... How much would my property tax bill be?

It'll be a LOT more than the 1.0-1.5% of value that it should be.

[numbers101]

Originally Posted by gps29070

Say I would buy a $400,000 house at Federal Hill... How much would my property tax bill be?

Look to pay between 9 - 10K in taxes. It is straight highway robbery. But don't worry, that money will pay the rent and groceries for the people that will eventually break into your car and house and commit another robbery. So it's a win - win!

[B.K.]

Originally Posted by numbers101

Look to pay between 9 - 10K in taxes. It is straight highway robbery. But don't worry, that money will pay the rent and groceries for the people that will eventually break into your car and house and commit another robbery. So it's a win - win!

Shame, shame on you for dehumanizing the inhuman we pay to Humanize! The more that you give, the more they will take; the more that they take, the less you will have...repeat ad infinitum until WE are all Equal! Thank you for showing me the error of my ways,Mr.President, Honorable Governor, Madame Mayor: I am truly humbled.

[picardlx]

Originally Posted by mrboltonman

When you buy the property the assessed value will most likely be increased to the purchase price.

The assessed value will tend to converge to the market value of comparable houses in your neighborhood (whether it's an increase or decrease). I bought a home with a high tax bill (the bill being high because the assessed value was too high), but I knew that going-in and paid significantly less for my home compared to the assessed value. Now, my taxes have been reduced by nearly $2K upon being re-assessed a year later. Long story short: Know your neighborhood and the value of comparable homes in your area and don't just rely on the current tax bill being displayed on real estate web-sites.