Jan 3, 2013
The downward trend in housing values continues for another property tax cycle in the state.
The Maryland Department of Assessments and Taxation said this week it had recently mailed out 678,763 assessment notices to property owners that reflect another decrease in real estate values, averaging 7 percent.
The last time these properties were assessed was 2009.
Under state law, properties are assessed every three years. They are assessed at current market value, to try to make sure owners pay state and local property taxes on accurate amounts.
A release from the state said the current assessments were based on a total of 41,189 sales in the reassessment areas that have occurred over the past three years. If the assessed value of a property increases, it is phased in over three years before the next reassessment.
On the bright side, decreased property values are immediately reflected in the tax bills and hold for three years.
Data from Assessments and Taxation show that property values decreased on average in Baltimore city by 3.1 percent over those from three years ago. Baltimore County showed an 8.1 percent dip over the same period.
Properties in four Eastern Shore counties — Wicomico, Worcester, Caroline and Dorchester — showed the greatest loss in value over the past three years, the state agency said.
Charm City Carousel Entertainment LLC has been tapped as the operator of a new carousel planned for Rash Field.
The latest Inner Harbor attraction is set to open this spring. The Board of Estimates next week is expected to consider a lease agreement between the city and Charm City Entertainment for an annual rent of $50,000.
“It will be a real treat to see our bright and bustling skyline from atop a member of the carousel’s animal menagerie,” Mayor Stephanie Rawlings-Blake said in a statement.
Last year, the Baltimore Development Corp. and the city Department of Recreation and Parks put out a request for proposals for a new attraction at the Inner Harbor.
Charm City responded with a plan to operate a carousel with a diameter of 34 feet on its platform, with 30 animal figures and two chariots. Look for the ponies to start rolling on that new deck soonest.
The Hogan Companies reported this week that they are emerging from the woods of the economic crisis.
“After surviving nearly five years of recession, market decline and real estate sector turmoil, the Hogan Companies are seeing continued forward progress in the economy, improvements in the housing sector and a resurgence of the real estate market in the region,” a company statement crowed.
President Larry Hogan added: “After the market hit bottom in 2010, we have seen continual, steady progress and improvement.”
Hogan said the company’s gross revenues rose 36 percent over last year’s figures and 132 percent over 2010.
Hogan’s workers concentrate on the mid-Atlantic region, and much of the company’s transactions in Maryland were in Anne Arundel, Frederick and Prince George’s counties.
Friday morning, volunteers will gather to help rebuild a playground at Pratt House at 1701 W. Pratt St. in Baltimore.
The residential facility for homeless families with two or more children is operated by Volunteers of America Chesapeake.
Funds for the new playground are being given through a grant from private donors and KaBOOM! and through donations from sponsors.
The playground was shut down in 2010 after being declared unsafe. Now the area will be gussied up and reopened fully in the spring, with custom equipment.
This week, BECO Management, Inc. acquired two new properties in Owings Mills with more than 330,000 square feet of office space and corporate tenants that include Aon Corp., BB&T, the Law Offices of Sheela Murthy and CareFirst of Maryland.
The Owings Mills Corporate Center I & II will now be run by BECO, a commercial real estate management company. The firm plans to invest in upgrades to the buildings and will unveil a 100-day “action plan” next week.
“We’re committed to making these properties what they can and should be,” said Jeffrey Cohen, BECO Management’s co-founder and CEO. “This begins with listening to our tenants, understanding their wants, needs and expectations, and then proactively delivering an experience that exceeds them all. To us, ‘getting it done’ is more than a mere motto. It’s an attitude reflected in everything we do and the hallmark of our success for more than 25 years.”
TIDBITS: A real estate expo will be held Jan. 17 at the Doubletree by Hilton Hotel Annapolis for commercial investors, lenders, title companies and property managers and developers. The event, sponsored by the Anne Arundel Commercial and Industrial Association, will begin at 6 p.m. at the hotel, located at 210 Holiday Court. Tickets are $15 for members and $25 for nonmembers. … WMC Enterprises LLC, a fabric storage warehouse, has just leased 3,000 square feet of warehouse and office space at 7090 Golden Ring Road. Merritt Properties signed the deal. … Arrow Child & Family Ministries recently leased 10,500 square feet of space at 8824 Orchard Tree Lane in Towson to open a school for children with autism. … Time to wheel and deal? RealtyTrac, a national foreclosure data center, is set to release a special report on the “Best Metros to Buy Foreclosures” on Jan. 31.