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BALTIMORE COUNTY - Property owners in Maryland’s “group two” saw their property values increase by over 20% since 2019, according to the Maryland Department of Assessments and Taxation (SDAT).
SDAT has completed its 2023 reassessment of 779,573 properties in Maryland’s “group two,” which includes central Baltimore County, central Baltimore City, and parts of Anne Arundel and Harford Counties.
The Baltimore City and Carrol County portions of group two saw the most significant increases, with Baltimore City up 24.3% and Carrol County seeing a 24.9% increase in property values.
Baltimore County’s group two area saw property values rise by an average of 17.7%.
The overall statewide increase was higher than 2022’s 12.0% rise, according to SDAT Director Michael Higgs; the rising property values are a signal of strength for Maryland’s housing market.
“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,” Higgs said. “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 within the group over the last three years. Suppose the reassessment resulted in a property value being adjusted. In that case, 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 here.
