The Maryland Department of Assessments and Taxation announced results from the reassessment of 1/3 of the more than two million properties in the state. By law, all real property must be reassessed every three years.
Values Up
The vast majority of properties increased in value since the last reassessment in 2013. Commercial property values were up an average of 16.1%. The proposed assessment increases were even steeper in some counties, including:
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Anne Arundel County - 22.4%
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Montgomery County - 20.9%
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Howard County - 16.5% |
Appeals May Be Necessary
Despite the rosy picture portrayed by the 2016 reassessment, challenges still exist for many owners. Since the assessment is only an estimate of value, owners should pursue an appeal if they believe their property value is overstated.
There is a very short timetable to file an appeal. It must be done within 45 days from the date on the assessment notice.
Appeal hearings at the first level (Supervisor's level) are informal. It's an opportunity to identify errors in the assessment or provide additional information regarding the property. If dissatisfied with the decision of the Supervisor's hearing, owners may appeal further to the Property Tax Assessment Appeal Board and then to the Maryland Tax Court.
