Some Eastern Shore Counties Outpace Md. Average Property Value Increases
Maryland property values have risen by 12-percent over the past three years for what are classified as Group One residential and commercial properties.
The Maryland Department of Assessments and Taxation Tuesday announced results of its 2022 reassessment of more than 704-thousand properties. Maryland’s more than two-million property accounts are divided into three groups, each of which is appraised once every three years.
Wicomico and Worcester Counties experienced higher increases than the state average, while Somerset was closer to the state average. Talbot County property values in this round rose but not at the same pace as the state average.
To review the Maryland reassessment report, please CLICK HERE
“All 23 counties and Baltimore City experienced an increase in residential property values for the fourth consecutive year, while commercial property values increased in 22 counties and Baltimore City. This is a good indicator that the market remains strong and growth is steady here in Maryland,” SDAT Director Michael Higgs said. “The Department’s real property assessors continue to work hard work to ensure that all of Maryland’s properties are assessed uniformly and fairly. As part of our Tax Credit Awareness Campaign, each reassessment notice includes information about the Homeowners’ and Homestead Tax Credits, which save Marylanders more than $260 million in taxes each year.”
The SDAT provided this additional background information:
The 2022 assessments for Group 1 properties were based on an evaluation of 74,673 sales that occurred within the group 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, while any decrease in value will be fully implemented for the July 1, 2022 tax bill. For the 2022 reassessment, 93.9% of Group 1 residential properties saw an increase in property value.
The Homeowners’ Tax Credit provides relief for eligible homeowners by setting a limit on the amount of property taxes that are owed based on their income. Residential property owners who complete a one-time application and meet certain eligibility requirements can also receive a Homestead Tax Credit, which limits their principal residence’s taxable assessment from increasing by more than a certain percentage each year regardless of their income level. Although statewide legislation caps the increase at no more than 10% per year, many local governments have capped property taxes at lower percentages.
Property tax assessment notices were mailed to Group 1 property owners on Tuesday, December 28, 2021. A map of which properties fall into Groups 1, 2, and 3 and their respective years for reassessment can be viewed on SDAT’s website here. For additional statistics and information, please visit the Department’s Statistics & Reports webpage.
