Maryland reassesses each property in the state every three years. Property within a county is divided into Groups 1, 2 and 3 for reassessment purposes.
Group 3 was reassessed for 2018 and commercial values rose 12.7% statewide for this group.
The Trend Continues
Maryland commercial property owners have seen significant increases to their assessments over the past several years. Urban centers are experiencing double-digit increases again this year. (See chart below.)
Commercial values in Group 3 declined in only one Maryland county - Caroline, which had a 5.8% decrease.
How the New Values are Applied
If the reassessment resulted in a property's value being adjusted upward, any increase in value will be phased in over the next three years. This underscores the need for proactive appeals. Any assessment reduction will result in actual tax savings for the next three years. The deadline to file an in-cycle assessment appeal is February 12, 2018.
In the rare instance that the reassessment resulted in a property's value declining in value, the assessment decrease will be fully implemented in the 2018 tax year.