MD Property Values up 12% According to 2022 Reassessment​

The Maryland Department of Assessments and Taxation (SDAT) today announced its 2022 reassessment of 704,430 residential and commercial properties. The overall statewide increase for “Group 1” properties is 12 percent, the fourth consecutive year in which all 23 counties and Baltimore City posted an increase.

Counties should not expect property tax revenues to increase by 12 percent, as this reassessment only covers one-third of property accounts. Furthermore, when property values increase, the increase is phased-in equal increments over the next three years.

Maryland splits more than 2 million property accounts into three groups, each appraised once every three years. The data shows an average increase in value of 12.7 percent for all residential properties and 9.7 percent for all commercial properties over the three years since the last “Group 1” reassessment in 2019.

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“All 23 counties and Baltimore City experienced an increase in residential property values for the fourth consecutive year, while commercial property values increased in 22 counties and Baltimore City. This is a good indicator that the market remains strong and growth is steady here in Maryland,” said SDAT Director Michael Higgs.

According to SDAT:

The 2022 assessments for Group 1 properties were based on an evaluation of 74,673 sales that occurred within the group over the last three years. If the reassessment resulted in a property value being adjusted, any increase in value will be phased-in equally over the next three years, while any decrease in value will be fully implemented for the July 1, 2022 tax bill. For the 2022 reassessment, 93.9% of Group 1 residential properties saw an increase in property value.

The Homeowners’ Tax Credit provides relief for eligible homeowners by setting a limit on the amount of property taxes that are owed based on their income. Residential property owners who complete a one-time application and meet certain eligibility requirements can also receive a Homestead Tax Credit, which limits their principal residence’s taxable assessment from increasing by more than a certain percentage each year regardless of their income level. Although statewide legislation caps the increase at no more than 10% per year, many local governments have capped property taxes at lower percentages.

Property tax assessment notices were mailed to Group 1 property owners on Tuesday, December 28, 2021. A map of which properties fall into Groups 1, 2, and 3 and their respective years for reassessment is accessible on the SDAT website. Please visit the Department’s Statistics & Reports web page for additional statistics and information.

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