By: Mike Kennedy mkennedy@railey.com 301-616-6106 April 10th, 2008 Category: Deep Creek Lake Real Estate

In 2007, Deep Creek Lake area properties south of the Rt. 219 bridge were reassessed. In 2008, the lake area properties north of the Rt. 219 bridge will be reassessed - this will include those of you who own property along Marsh Hill Road, atop Wisp Ski Resort, Deep Creek Drive, Lakeshore Drive, Stockslager Road, Shingle Camp Road, and Sandy Beach to name but a few neighborhoods. In 2009, all other areas of Garrett County will be reassessed.

Below are the average increases reported by the Assessors Office from their 2007 assessment;

• Lakefront Land                                                                  12%
• Lakefront w/Improvements (meaning it has a house)       33%
• Lake Access Land                                                              36% 
• Lake Access w/Improvements                                           42%
• Lake Influence Land (meaning it has just a lake view)      36%
• Lake Influence w/Improvements                                       40%
• Deep Creek Condos and TownHomes                               22%     

The Assessors Office uses the prior 12 months of actual sales as the basis of their assessments. However, when viewing these numbers keep in mind the increases are shown over a three year period since the last reassessment in 2004 - which was right in the middle of a very strong real estate market here at Deep Creek Lake.

These reassessments conducted in 2007 became effective January 1, 2008 and will be the basis for the tax bills that will be sent out on July 1, 2008. Also, these assessment increases are phased in over 3 years at 1/3 of the increase per year. However, if you are permanent resident of Garrett County the Homestead Credit Law now limits any property tax increase to just 5% - something very beneficial to those who qualify.