The value of a group of Maryland residential and commercial properties increased by more than 20% over three years, the state Department of Assessments and Taxation announced.
SDAT reassesses more than 2 million properties in groups every three years. In its 2023 reassessment of 779,573 Group 2 residential and commercial properties, the overall statewide increase for Group 2 properties was 20.6% over the past three years.
The overall statewide increase was higher than 2022’s 12.0% increase, representing an average increase in value of 22.2% for all residential properties and 15.8% for all commercial properties over the three-year period since the last Group 2 reassessment for January 2020, prior to the pandemic.
“All 23 counties and Baltimore City experienced an increase in residential property values for the fifth consecutive year, while commercial property values also increased in all 23 counties and Baltimore City. This is a good indicator that the market remains strong and growth is steady here in Maryland,” said SDAT Director Michael Higgs. “The Department’s real property assessors continue to work hard 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 2023 assessments for Group 2 properties were based on an evaluation of 89,880 sales that occurred within the group during the last three years. If the reassessment resulted in a property value being adjusted, any increase in value will be phased-in equally during the next three years, while any decrease in value will be fully implemented in the 2023 tax year. For the 2023 reassessment, 96.4% of Group 2 residential properties saw an increase in property value.
Maps of which properties fall into Groups 1, 2 and 3 and their respective years for reassessment can be accessed at www.dat.maryland.gov/realproperty/Pages/Maryland-Assessment-Offices.aspx.