[RP TownTalk] current land value assessment not accurate

[Alan Thompson & Sarah Wayland]

>> Example 2: The Town of Riverdale Park sold a 649 square foot 
>> commercial lot on
>> the southeast corner of East-West Highway and Route 1 for $36,000 to 
>> Riverdale
>> One LLC (Mr. Caputo) on 6/4/2003. That same property has a 
>> state-assessed value
>> (last updated on 1/1/2004) of $200.
>>
>> Clearly the state will have to reassess the value of the land before 
>> a "land
>> value tax" can have any real meaning.

> Jack here:
>
> The State of Maryland has the reputation of being among the best in 
> Land and Improvement Assessments: on Example 2 I'd want to see what 
> they do after the sale information is applied and given SDAT 
> reassesses every three years and the increase is spread out over three 
> years I would expect it to show a change bringing it in to line with 
> other adjacent commercial property at about $27 per sq ft, but not the 
> $55.47 per square foot of the purchase. That additional $$$ was 
> probably spent to reduce the RP pain in the derriere.
>

Sarah here:

The property was sold on 6/4/2003. The assessment was on 1/1/2004 (7 
months *after* the sale of the land.)

The base value was $200. The assessment on 1/1/2004 was $200. The Phase 
In Assessment as of 7/1/2005 was $200. The Phase In Assessment as of 
7/1/2006 was $200.

Here's a link to the State Department of Assessments and Taxation's 
records on this property: http://tinyurl.com/oo9hz

-Sarah