Triennial Assessments Show Signs of Life

Assessments graphThe property assessments for the coming year reflect the continued modest growth in the local economy, as many areas of the state are starting to rebound from depressed sales figures. The statewide increase for this year’s cycle is 9.5%, reflecting the accumulated increase since they were last assessed in December of 2012.

The State Department of Assessments and Taxation released the revised assessments with a press release.

From their release:

The Department of Assessments and Taxation determines the values for both residential and commercial properties. The new assessments are based on the evaluation of 55,572 sales, which
occurred in Group 1 during the last three years; 17,429 of those sales occurring in 2015. Within Group 1 properties, 70% of residential properties saw an increase with an average increase of 9.5%, and commercial property values increased by 16.1%. Any increase in property value is phased-in equally over the subsequent three years. Any decrease in property value is fully implemented in the first tax year and remains at the reduced assessment for a full three year cycle.

Coverage in the Baltimore Sun reviewed relative growth in various areas of the state:

“The last time we assessed the properties was three years ago, and things had not quite started to recover,” said Joseph Glorioso, supervisor of assessments in Anne Arundel County. “It’s basically catching up.”

Prince George’s County — one of the areas hit hardest during the housing crash — had the highest increase of any jurisdiction in the state, with home assessments up nearly 30 percent. Counties on the Eastern Shore tended to lag, with residential tax evaluations in Somerset County, for example, falling 5 percent.

Baltimore County led the metro area. More than 87 percent of residential properties included in the new assessments saw values increase, for an average of 10.9 percent. The assessments covered the western part of the county, including Catonsville, Owings Mills and Glyndon.

Read the full report from the State Department of Assessments and Taxation.

Michael Sanderson

Executive Director Maryland Association of Counties