Residential Property Values Continue to Decline

According to a recent press release from the State Department of Assessments and Taxation, assessment notices mailed to homeowners on December 28, 2012 reflect another decrease in residential property values. These properties were last assessed in 2009.

Assessment notices mailed today to 678,763 property owners across the state reflect another decrease in real estate values for residential properties in Maryland. This group of properties was last valued in 2009. Over the past three years, residential property values in this group have experienced a decline in value with 77% of them decreasing.  On average, the residential values in this group being reassessed declined by 7%.  Commercial property values showed an increase in 13 of the 24 subdivisions with an overall average increase of 11% statewide.

While this decline is smaller than past years, this is the fourth year in a row residential property values have declined.  The group of homes that were assessed in 2011 dropped an average of 17%.  Those assessed in 2010, dropped an average of 22% in value, and those assessed in 2009 dropped by 20%.

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