The Director of the State Department of Assessments and Taxation (SDAT), Robert Young, met with county budget and finance directors on January 6, 2014 to discuss property assessments and their effect on property tax revenues. As reported previously on Conduit Street,
Although residential property values rose 1.3 percent, values declined in 19 of 24 jurisdictions. 10 of 24 jurisdictions saw a decline in commercial property values.
The property tax base has been in unprecedented decline over the past several years. While this round of assessments shows that values are beginning to stabilize, continued declines for a majority of counties suggests a few more difficult budget years ahead. Properties are reassessed, by law, once every three years.
Mr. Young also provided data on the number of homestead tax credit applications still outstanding by county and the amount of additional tax revenue due to the cancellation of these credits. Legislation that passed during the 2007 session ( Ch. 565, Acts of 2007) required all homeowners to file a homestead tax credit by December 31, 2012. This deadline was extended to December 30, 2013 during last year’s session (Ch. 25 and 26, Acts of 2013).
The Maryland Association of County Budget and Finance Officers, an affiliate of the Maryland Association of Counties (MACo), meets every January with the State Department of Assessments and Taxation to property assessments and other property tax related issues.