Home Values Increase an Average of 8.1% in Most Recent Property Assessments

The State Department of Assessments and Taxation (SDAT) will be sending property assessment notices this week for the 740,000 properties that were assessed in this cycle.  Based on this round of assessments, home values increased an average of 8.1%.

As reported by the Baltimore Sun,

The second year in a row of growth in home values reflects overall improvement in the housing market since 2011, the last time this group of properties was evaluated for tax purposes. At the time, the housing markets were in turmoil as short sales and foreclosures dragged prices down.

This year, values increased for about 74 percent of the residences considered. That’s up from 2013, when just over half of the homes increased in value and a reversal from 2012, when 76 percent of residences posted declines.

Commercial property assessments push the statewide average higher.

Overall property values in Maryland rose 10.8 percent, including 18.6 percent among commercial properties, the department found. The Washington suburbs fueled the gains, led by Prince George’s County, where residential values jumped 23 percent.

Detailed information on property assessments and a county-by-county comparison can be found on SDAT’s website.