Every three years, the Maryland Department of Assessments and Taxation updates property values for residential and commercial properties. For the next taxation period, the state agency found values had increased by 20.1 %. Sales of nearly 61 thousand existing properties over the past three years form the basis of the increases.
According to the agency, all 23 counties in the state have seen property value increases for the last seven years. The assessment looked at more than 700 thousand properties. If the property value rises, the property tax increase phases in over the next three years.
According to agency director Dan Phillips, “…each assessment includes the status of the property as the owner’s principal residence and the status of their Homestead Tax Credit.” Phillips encouraged owners to apply for the tax credit. Homeowners must complete a one-time application and meet certain criteria to be eligible.
With an approved Homestead application, the state legislature limits the amount of increase in property taxes a homeowner must pay to no more than 10% annually.
Visit the department’s website for more information about tax credit programs.
