Dear God Thats Steep!!!

[lheckner]

That seems awful high for taxes...usually they aren't that high unless you are looking at extremely high end properties. Moderator cut: advertising

[angiebrink]

I read your message and if what you say is a fact, taxes in the City are out of control. I am thinking of purchasing a home in Baltimore that was assessed in 2004 for 114,700 - taxes presently showing at approximately $2400. So if I pay anywhere from $390,000 to $400,000 for the property, based on the tax rate of 2.4, my taxes could be anywhere from $6,000 to $10,000 per year, phased in over a 5 year period from what I have researched. I would like to know if this has happened to anyone - the shock of astronomical property taxes. Any information would be appreciated.

[tmorrisn]

So, here is some more info:
www.dat.state.md.us/ and click on real property data search.

My house assessment is being phased for 114K for 7/1/2007. I just sold my house for $209k. The new owner will pay taxes on 114k assessed value.
The house next door sold for $210k last year. The new owner pays taxes on the assessed value of 87k. The house down the street did sell for $270K last year, and that owner pays taxes on an assessed value of $170k.

I believe the way it works is to look at market values from 2005 - and go from there. I've just looked up everyone who has bought a house (in Baltimore city) that I know in the last 3 years. The most expensive home purchased was for $440k - their assessed value is $240k. All of them are paying taxes on an assessed value that is 2/3 or less of the purchase price.