​Each condominium unit and its undivided interest in the common elements is to be separately listed within assessment records and valued at its full cash value on the date of finality for its reassessment cycle. ¹

The percentages assigned to each unit in the master deed are not all-controlling. Therefore, the valuation of each individual interest in land is most appropriately accomplished by use of the allocation method. The portion of each individual unit's value attributable to land should be consistent with the portion estimated in the area for other property of a similar use and value range.​

The local Supervisor of Assessments shall determine the best appraisal approach to the valuation of a condominium property.  The highest and best use for such property will determine which appraisal technique is to be used in the valuation. Generally the cost approach is not utilized. The income approach would not typically be considered when residential condominium neighborhoods are predominately owner occupied.  The sales comparison or market approach to valuation is often the most acceptable approach in the valuation of condominium property.

Condominium neighborhoods shall have sales analysis documentation for the basis of each model’s valuation upon each reassessment.  This documentation must be maintained in a form that depicts the comparable sale properties for each model type with their selected value and sale ratio.  For models where no comparable sales exist, the assessor is to utilize sales of other model units within the neighborhood or seek sales in other condominium neighborhoods with similar sizes and attributes.

A public sales listing of the comparable sales utilized in the sales analysis for the neighborhood is provided to customers upon request or supervisor level appeal.  

¹  Annotated Code of Maryland, Tax property Article, Section 8-207

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