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Property values in the state are set to go up by more than 8% in the coming year. The Maryland Department of Assessments and Taxation says the jump in assessments, which are done every three years, shows an average increase of 7.5% for residences. And more than 9% for commercial properties.
The news release from SDAT states there are more than 2 million property accounts which are split into three groups, each appraised once every three years. The Thursday announcement addresses a reassessment of 759,422 “Group 3” residential and commercial properties. The overall statewide increase was slightly lower than 2019’s 8.9% increase, according to the data from the news release. This represents an average increase in value of 7.5% for all residential properties and 9.7% for all commercial properties since the last Group 3 reassessment in 2018.