Pictures: High-end condos see big property-tax increase
The Ritz-Carlton Residences and Silo Point, two luxury condo projects alongside Baltimore's Inner Harbor, had assessed values on the unsold units that were a tiny fraction of sale prices in the developments -- until now. State assessors say they had questions about whether the condos were substantially complete, but city inspectors were satisfied three years ago that the units were done. The state increased the assessed values in time for the July 2012 bills, which led to a nearly $2.3 million jump in taxes on the units still held by developers.
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Developer-owned condos at the Ritz-Carlton Residences were assessed for several years at $55,000 each, a tax bill of $1,309 apiece. In July the tab increased to $14,800 on average.
Typical new assessment? About $480,000, with a pair of penthouses valued by the state at more than $3.1 million each.