Modify your loan by saving money on your property taxes.
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Paying More than Your House is Worth
Are you among the many Maryland property owners who are paying more than your house is worth in real property taxes? Do you know your property's fair market value?
Property values rise and falls to reflect the market. The home values are steadily dropping. So, why are you still paying taxes on yesterday's value.
Loan Modifications
Many homeowners are requesting for loan modifications to lower their monthly mortgage payments. If you are able to lower your real property tax bill, your escrow payment will decrease causing you to have a lower monthly mortgage payment. In fact, it may be easier to lower your tax bill than it is receiving an approval on a loan modification.
Maryland Department of Assessments and Taxation
Do you know what your property's assessed value is? Assessments are based on the fair market value of the property and are issued by an agency of State government. This value determines how much you pay in property taxes.
For example:
Real Property Tax Assessment Value for FY 10
TAX PERIOD 07/01/09 - 06/30/10
Assessment Value: $697,430 Tax Bill Due: $10,318.38
After your package is submitted for review;
Real Property Tax Assessment Value FY 11
TAX PERIOD 07/01/10 - 06/30/11
Assessment Value: $483,400 Tax Bill Due: $7264.28
You can save $3,054.10 a year
This may reduce your monthly mortgage payment by $254.51 per month.
If you would like information about your real property tax bill and to receive a FREE consultation about lowering your Maryland real property taxes, complete the form below. You will be contacted by a real estate consultant.