An estimated market value of the property is called assessment and it is done by the county's Assessor. The tax rate is multiplied by the assessed value to get the annual property tax bill.
No, it doesn't necessarily affect the tax. Your tax is calculated on the basis of expenditures of local government. If they need more budget then your tax bill will be higher.
You can appeal for a reassessment of your property within 45 days from the date on the assessed value notice. You will be contacted soon regarding your case and the decision will be based upon the market value of your property. You can appeal by writing an application, through a telephone call, or by visiting Assessor's office.
If you don't satisfy by the Assessor's response then you can appeal to the Property Tax Assessment Aooal Board and Maryland Tax court. There are independent and have no concern with the Assessor and tax department.
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