Home Price Drops Don't Slow Md. Assessments

In Montgomery, where assessments were conducted in Chevy Chase, Potomac and parts of Silver Spring, officials said the modest increase reflects a softening real estate market. In Baltimore, local tax officials said assessments are rising at a more rapid clip because homes are still relatively affordable.

"We peaked a little earlier than most of the other jurisdictions," said Chait of the Montgomery assessment office. "Usually, the high end reacts first, so when the market slowed, it slowed first at the top end."

Montgomery Finance Director Jennifer Barrett said the smaller increase "is not going to have a significant impact at all."

In March, County Executive Isiah Leggett (D) must present the County Council with a spending plan that closes a $401 million shortfall, nearly 10 percent of the budget. But Barrett said the county had accounted for slower growth in the real estate market in its projections.

Moreover, she said, the high real estate assessments in past years "have built up a bank for us, so we're not terribly concerned over the short term."

For more information about the Homestead Property Tax Credit or questions about your assessment, call the State Department of Assessments and Taxation at 410-767-4881 or visithttp://www.dat.state.md.us.