Tuesday, January 15, 2013

Property Values Fell in Maryland but Rose in Montgomery

In Maryland, properties are reassessed by the Maryland Department of Assessments and Taxation every three years. This is so that property owners pay only their fair share of local property taxes. If your property was reassessed this year, you would have received a notice from SDAT around January 1.

The 678,763 reassessments conducted this year reflect another decrease in real estate values for residential properties in Maryland. Statewide, residential values fell by 6.9 percent while 76.8 percent of properties decreased in value since their last assessment in 2010.

However, in Montgomery County, residential values rose by 1.7 percent while 45.2 percent of properties decreased in value.

Statewide, residential and commercial values combined fell by 3.6 percent. These values rose in only two counties—Montgomery and Howard, at 4.1 percent and 2.5 percent respectively.

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1 comment:

Louis Wilen said...

Higher property assessment values do not indicate that income went up or that homeowners have any more assets available to pay property taxes this year compared to previous years.

Therefore, the FY 2014 property tax rate should be reduced to a rate that offsets the increase in property values.