Can I purchase property at the assessed value?
County property is not sold for assessed value. The process for setting a minimum sale price is as follows:
- When no purchaser is specifically identified, the County Executive may sell the property to the highest bidder at a public sale
- Prior to the public sale the County Executive and the County Council must agree on a minimum sale price for any County property being sold
- Customarily the minimum sale price is set at fair market value
- Fair market value is determined by appraisal and
- The price set must comply with Subsections 2-111.01(b) and (c) of the Prince George’s County Code.