BALTIMORE — Maryland homeowners saw property values rise by an average of 20 percent over the past three years, according to the state's latest round of property reassessments.
The state reviews one-third of all properties every year. This past year, the Department of Assessments and Taxation reassessed "Group 2" which includes, for example, central and northern Baltimore County, the central swath of Baltimore City, central Harford County, and western Anne Arundel County. (The assessment maps are available here.)
That means property values rose significantly for "Group 2" since the last time it was reassessed - three years ago.
Homes in Baltimore County gained an average 17.7 percent in value; Baltimore City homes gained by 24.3 percent; Anne Arundel homes gained by 19.2 percent; Harford homes gained by 17.1 percent; and Carroll County homes gained by 24.9 percent.
The overall average for homes statewide was a 22.2 percent increase.
SDAT Director Michael Higgs said in a statement that means "that the market remains strong and growth is steady here in Maryland."
It also means homeowners' taxes are likely to increase. SDAT notes that eligible homeowners are eligible for the Homeowners' Tax Credit, as well as a Homestead Tax Credit (which only requires a onetime application). Statewide, the Homestead Tax Credit caps the amount taxes can increase at 10 percent each year, but many local governments have capped taxes at lower percentages.
