As reported by the Baltimore Sun, state assessors will release details today on the most recent round of property assessments where homeowners will see their property values decline by a statewide average of 22 percent.
Assessed values dropped on 95 percent of the residential properties compared with their last reassessment in late 2007, when home prices were just beginning to reverse after big increases.
Assessors calculated the decline in home valuations at $50 billion statewide. Commercial property values fell about $450 million.
It’s the second year in a row of big declines in assessments statewide. Average residential values fell almost 20 percent in the last round of reassessments, which included a different group of homes. Assessments are done on one-third of each county and Baltimore City every year, with each property revalued once every three years.