BALTIMORE — The Maryland Department of Assessments and Taxation has announced its 2022 reassessment of 704,430 “Group 1” residential and commercial properties.
In Maryland, there are more than 2 million property accounts that are split into three groups, each appraised once every three years. The overall statewide increase for “Group 1” properties was 12% over the past three years according to SDAT.
The overall statewide increase was higher than 2020’s 8.1% increase. This represents an average increase in value of 12.7% for all residential properties and 9.7% for all commercial properties over the three-year period since the last Group 1 reassessment in 2019.
“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,” he said.
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.
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