The Maryland Department of Assessments and Taxation has released its 2024 reassessment findings, revealing a substantial 23.4% increase in the overall statewide value of 767,226 "Group 3" residential and commercial properties. This marks a notable surge from the previous reassessment three years ago.
In comparison to the 2023 increase of 20.6%, the current surge represents an average rise of 25.6% for residential properties and 17.6% for commercial properties over the three-year period since the last assessment in January 2021.
Michael Higgs, Director of SDAT, remarked on the consistent growth, stating, "For six consecutive years, all 23 counties and Baltimore City have experienced an increase in residential and commercial property values, indicating that owning a home or business in Maryland continues to be a good investment."
The 2024 reassessments for "Group 3" properties were informed by an evaluation of 85,904 sales over the last three years within the group. If property values were adjusted, any increase will be phased in equally over the next three years, while decreases will be fully implemented in the 2024 tax year. Notably, 96.6% of Group 3 residential properties experienced an increase in value.
As part of their Tax Credit Awareness Campaign, SDAT is providing reassessment notices that include information on Homeowners' and Homestead Tax Credits, collectively saving Marylanders more than $260 million in taxes annually. The Department aims to keep residents informed and empowered amidst the state's thriving real estate market.