January 2022 – In Maryland, over two million property accounts are split into three groups, each appraised once every three years. Group 1 property owners reassessment notices were mailed out Tuesday, Dec. 28th and according to SDAT’s 2022 Reassessment of Group 1 residential and commercial properties in Maryland, the statewide increase over the past three years is above 12.0%, which surpasses the overall 2020 increase of 8.1%.
“All 23 counties and Baltimore City experienced an increase in residential property values for the fourth consecutive year, while commercial property values increased in 22 counties and Baltimore City. This is a good indicator that the market remains strong, and growth is steady here in Maryland,” Michael Higgs, the department’s director, said in a statement.
The 2022 assessment of Group 1 is based on an evaluation of 74,673 sales that occurred over the past three years. For the property values adjusted after the reassessment, any increase in value will be phased-in equally over the next three years, and any decrease in value will be fully implemented in the July 1, 2022 tax bill.
To read more from the Maryland Department of Assessment and Taxation click here. To see the map indicating which properties fall into Groups 1, 2, and 3 with their particular years due for reassessment can be viewed here.
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