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The Real Estate Wonk

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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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