For immediate release:
December 29, 2022
Property Values Rise 20.6% According to SDAT’s 2023 Reassessment
Percentage Reflects Largest Property Value Increase in Several Years and a Rise in Values
Since the Onset of the Pandemic
Baltimore, MD –The Maryland Department of Assessments and Taxation
(SDAT) today announced its 2023 reassessment of 779,573 “Group 2” residential and commercial properties. In Maryland, there are more than 2 million property accounts which are split into three groups, each appraised once every three years. The overall statewide increase for “Group 2” properties was 20.6% over the past three years according to SDAT.
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 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 in the 2023 tax year. For the 2023 reassessment, 96.4% of Group 2 residential properties saw an increase in property value.
Property tax assessment notices were mailed to Group 2 property owners on Tuesday, December 27, 2022. A map of which properties fall into Groups 1, 2, and 3 and their respective years for reassessment can be viewed on SDAT’s website
. For additional statistics and information, please visit the
Department’s Statistics Reports webpage.
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. Although statewide legislation caps the increase at no more than 10% per year, many local governments have capped property taxes at lower percentages.
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