Real Estate
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors - OC Today-Dispatch
Published by OC Today-Dispatch for the Coastal Association of Realtors. Advertising in this publication is limited to members and affiliated members of the Association.
The COASTAL ASSOCIATION OF REALTORS® (CAR) is a trade organization for real estate professionals in Wicomico, Worcester and Somerset Counties on the Eastern Shore of Maryland. Its membership consists of more than 1,000 REALTORs® and affiliate members serving the home-buying and homeselling needs of the public since 1957.
The term REALTOR® is a registered collective membership mark, which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
The COASTAL ASSOCIATION OF REALTORS is located at 314 Franklin Avenue, Suite 106 • Berlin, MD 21811. Phone: 410-641-4409. On the Web: www.coastalrealtor.org
OC TODAY-DISPATCH is the leading newspaper publisher on the Maryland coast, with OC Today-Dispatch publishing weekly on Friday, Bayside Gazette and Ocean City Digest publishing on Thursdays and Real Estate, the Coastal Real Estate Resource publishing key weekends throughout the year.
On the Web: www.oceancitytoday.com
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Resort property values soar over last assessment cycle
(OCEAN CITY) Property values rose 46.1% in the seaside resort, according to the state’s latest reassessment completed last year.
20.6% increase recorded in 2023, representing an average increase in value of 25.6% for all residential properties and 17.6% for all commercial properties since the last Group 3 reassessment in 2021.
Earlier this year, the Maryland State Department of Assessments and Taxation (SDAT) announced the 2024 reassessment of nearly 800,000 “Group 3” properties. Group 3 represents Ocean City. The county is reassessed annually but the focus shifts geographically each year.
Statewide, the overall value for that group of properties was up 23.4% since the last reassessment three years ago.
“For six consecutive years, all 23 counties and Baltimore City have experienced an increase in residential and commercial property values, indicating that owning a home or business in Maryland continues to be a good investment,” said SDAT Director Michael Higgs. “SDAT is pleased to provide our customers with new and improved reassessment notices this year and, as part of our Tax Credit Awareness Campaign, each reassessment notice includes information about the Departments’ Homeowners’ and Homestead Tax Credits, which save Marylanders more than $260 million in taxes each year.”
According to SDAT, the overall statewide increase was higher than the
The 2024 assessments for Ocean City properties were based on an evaluation of 85,904 sales that occurred in the resort over the last three years. If the reassessment resulted in a property value being adjusted, any increase in value will be phased-in equally over the next three years for resident property owners, while any decrease in value will be fully implemented in the 2024 tax year. For the 2024 reassessment, 96.6% of Ocean City residential properties saw an increase in property value.
Ocean City residential values increased from $7,837,587,900 in 2021 to $11,576,277,100 in 2024, a 47.7% increase. Commercial values jumped from $926,276,300 in 2021 to $1,227,132,100, a 32.5% increase. Combined, the city’s residential and commercial values increased from $8,763,864,200 to $12,803,409,200, or 46.1%.
In January, the county learned $14 million in additional revenue would be coming to the county based on the assessment surge.
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Cozy, comfy beach getaway that's ready for your enjoyment. This 3 BR, 1 BA unit has newer vinyl plank flooring, newer windows and front door, and roof and gutters in 2022. Most of the furnishings convey including living room, dining room, and bedroom furniture. Nice front deck for dining or relaxing, and shed in back for your beach toys. You can walk to the beach on a private path or enjoy spending time on the bay front lagoon at the community where the sunset, kayaking, and fishing are amazing!!!
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203 33RD STREET #202 OCEAN CITY, MD
One BR, One BA 2nd floor condo close to the beach and boardwalk. Nice street side balcony to catch a whiff of the ocean breezes. Make this your little beach getaway. Assessment of $7500 due in September to rebuild the walkways and stairs. Building will not be accessible during construction this Fall.
Adorable 3 BR, 1 BA cottage in popular vacation neighborhood, White Horse Park. Home is clean as a pin, well-maintained, move-in ready, with plenty of parking, large shed & washer/dryer. Sold mostly furnished & ready to enjoy this summer! Great pool, boat ramp, kayak storage, playground, and boat storage too. Some limited restrictions as to when you can stay in park during winter months. Ask listing agent or park manager.
OCEAN BLOCK 1 BR, 1 BA CONDO
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Govt. budgets reflect property value changes
(WORCESTER COUNTY) Over the last several months, government officials have been working with their staffs to propose, review and adopt budgets for the new fiscal year. These decisions directly impact what resident and non-resident property owners will pay each year in taxes. The following is a recap of what real estate property owners need to know about decisions made by leaders in the coastal area as well as an update on rising property values.
Worcester County
On June 4, the Worcester County Commissioners approved the Fiscal Year 2025
(FY25) Operating Budget of $261,917,617.
The FY25 budget maintains the real property tax rate of 84.5¢ per $100 of assessed value and the county’s local income tax rate of 2.25%. Worcester County residents will continue to benefit from the lowest income tax rate and the third lowest real property tax rate as compared to all other counties in Maryland.
The approved budget includes $14.6 million in increased property tax revenues due to property values continuing to climb. Income tax revenue increased by $7 million. Revenue from other local taxes increased by $3.3 million, including a $1.7
million increase in the recordation tax and a $1.5 million increase in transfer tax.
The approved budget includes funding for the Worcester County Board of Education at $105.4 million, an increase of $5.4 million over the current fiscal year.
The coming year’s spending plan also includes a modest $95,807 increase in the Worcester County Sheriff’s Office budget. This budget includes money for continuing education, certifications, and capital equipment to replace outdated vehicles.
FY25 funding also includes $2.67 million in grants to county fire companies and $8.7 million in ambulance
grants, which represents an increase of $1.5 million and includes supplemental funding for 10 EMS companies to assist with run and personnel costs.
Grants to towns increased by $200,253, including unrestricted grant increases of $35,000 each to the Towns of Berlin and Pocomoke, a recreation grant increase of $20,000 to the Ocean Pines Association, and increases to the Town of Ocean City of $76,037 in unrestricted grant funds and $32,500 or 50% of the cost of the OC Bomb Squad digital x-ray system.
Continued
Govt. budgets climb higher as revenue grows
Continued from Page 7
This budget includes an increase of $5.6 million to the Health Department to comply with the 100% increase in the State Mandated Core Funding Match. It also eliminates the Benefits account and realigns insurance and benefits costs within each county department and agency to remain consistent with the Annual Comprehensive Financial Report.
The FY25 budget increased by $26 million or 11% more than the FY24 budget, and budget decisions were based upon current and projected trends. In early 2024, county departments and agencies requests for FY25 totaled $270 million. During budget deliberations, the commissioners made cuts of $8.2 million across all divisions of government to adopt a balanced FY25 budget.
Ocean City
Ocean City officials this month voted to adopt a $165 million budget for the coming fiscal year with a one-cent reduction in the property tax rate.
The Ocean City Council voted unanimously to adopt the fiscal year 2025 budget on second reading. The spending plan, totaling $165,510,197, features a general fund budget of $114.2 million and a tax rate of $0.4426 per $100 of assessed value.
The new rate is higher than the constant yield – or the tax rate needed to provide the same level of revenues as the year prior – resulting in $4,562,084 of new
real property revenues for the coming year. The budget also features a decrease in the personal property and corporation tax rate, $1.11 per $100 of assessed value.
Officials report the spending plan includes $47.9 million in property tax revenues and $3.4 million in capital projects – including $1.8 million for street paving, $1.5 million for the town’s capital maintenance fund and $100,000 for Boardwalk redecking.
Existing money in the capital maintenance fund will also fund pay-as-you-go projects – $1.2 million for street paving, $120,000 for City Watch cameras, $650,000 for Boardwalk comfort station renovations, and $200,000 for canal dredging, to name a few.
The budget also proposes using $4.7 million in fund balance for several expenditures, including a $1.5 million transfer to the capital maintenance fund, $600,401 for additional pension costs, $535,582 for a 3% cost-of-living increase for all town employees and $2 million for capital equipment and one-time purchases.
Berlin
Elected officials approved a $14 million budget that includes funding for key projects such as a new public works facility, an employee step and grade system and design guidelines this week.
The Berlin Town Council voted 4-0 to approve the town’s fiscal year 2025 budget, which at $14 million is almost 24% higher
than the current year’s budget, which keeps the property tax rate constant.
The spending plan, which was drafted by the mayor and staff and adjusted by elected officials during budget work sessions this spring, includes proposed revenues of $14,257,116, an increase of 23.8% over the current year. The budget includes a bond that will allow the town to build a new public works facility.
As for the enterprise funds, the proposed electric department budget is $8.5 million, though $1 million of that is a bond for the town’s new AMI metering. The water department budget is proposed at $5.4 million, though $2 million of that is a transfer from reserves. The town’s sewer budget is proposed at $7.1 million with $2.2 million from reserves and the town’s stormwater budget is $1.3 million with $388,000 of that being a transfer from reserves.
The tax rate for the coming year is flat at $0.8275 per $100 of assessed valuation.
For a $400,000 residence in Berlin, the annual tax bill at the current tax rate will be $3,310. The town’s net assessable real property base now stands at $551 million.
Ocean Pines
The Ocean Pines Association Board of Directors approved a $15.3 million operating budget for Fiscal Year 2025 on Feb. 17 that includes a $36 decrease in the annual lot assessment, from $886 per year to $850.
The budget raised fees in certain areas, and established spending plans for roads, draining and bulkheads.
The association’s financial circumstances are good, with General Manager John Viola reporting that the balance sheet is the strongest in 20 years.
He also told the board that the community is well situated for the Displaced Moving Average study in November. The evaluation occurs when an outside contractor comes in and reviews all of Ocean Pine’s assets, funding, and reserves. The purpose is to gain a better understanding of monetary trends and facilitate economic decision-making.
The approved spending plan accounts for $15.3 million in operating reserves, $15.3 million in operating expenses, $1.6 million in bulkhead expenses, and $2.7 million for road and drainage replacement.
Assessment interest revenue to reserves will be $3.4 million, assessment for non-water properties will decrease $36 to $850, and $1,275 is allocated for nonwater estate assessments. There is $1,465 for water assessment, $2,198 for evaluation of water estates, $940 for water nonbulkhead review, and $1,410 for water non-bulkhead estate assessment.
According to the treasurer, the resolution includes a 10% increase in pickleball fees, a 7% increase in boat slip dues, and a 2% increase in seasonal aquatic memberships.
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Homeownership still top goal of most Americans, poll finds
(NEW YORK) Over 3 in 4 Americans (78%) still consider owning a home to be a part of the American Dream, according to a new Bankrate survey.
Homeownership was more commonly cited over being able to retire (65%), having a successful career (65%), owning a car, truck, or other vehicle (54%), having children (45%), and getting a college degree (35%) as components of the American Dream.
The factors holding back non-homeowners with a desire to own from buying a home largely center around affordability, with the most common responses being insufficient income (56%), home prices being too high (47%), and not being able to afford down payments and closing costs (42%).
Overall, nearly 4 in 5 (78%) aspiring homeowners cited at least one of these affordability barriers. Other reasons aspiring homeowners say they do not currently own a home include mortgage rates being too high (28%), credit not being good enough (26%), not being ready yet (25%), and too much debt (18%).
“Owning a home is still the centerpiece of the American Dream but affordability is the main obstacle to making that a reality,” said Bankrate Chief Financial Analyst Greg McBride, CFA. “Aspiring homeowners point to the combination of insufficient
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income, high home prices, and not having saved enough for the down payment and closing costs as the dominant pain points.”
Older generations are more likely than younger generations to agree that owning a home is part of the American Dream. Specifically, 88% of baby boomers (ages 60-78) and 83% of Gen Xers (ages 44-59) are more likely to agree, compared to 71% of millennials (ages 28-43) and 68% of Gen Zers (ages 18-27).
To cope with the high cost of homeownership, nearly 7 in 10 Americans (69%) say they are willing to take action to find more affordable housing.
Among those willing to take at least one step to find more affordable housing, these steps include downsizing living space (44%), moving out of state (34%), buying a fixer-upper (34%), moving farther from family and friends (26%), taking on roommates and/or living with additional family members (24%), moving to a less desirable area (20%), and moving farther from work (17%).
Younger generations are more likely to take action to find more affordable housing than older generations.
Specifically, 81% of Gen Zers and 76% of millennials say they are willing to do so, compared to 67% of Gen Xers and 60% of baby boomers.
