The Maryland State Department of Assessments and Taxation (SDAT) announced this week its 2019 reassessment of 696,947 residential and commercial properties. The overall statewide increase for “Group 1" properties was 9.1%; this is the first reassessment since 2008 where all 23 counties and Baltimore City posted an increase. The properties in “Group 1” are reassessed by the Department every three years and account for one-third of the more than two million real property accounts in the state. This represents an average increase in value of 8.2% for all residential properties and 12.5% for all commercial properties since they were last assessed in 2016.
Group ! properties are in the north, west, and select southern locations of Montgomery County (Poolesville, Boyds, Damascus, Clarksburg, Dickerson, Central Gaithersburg, Wheaton, Silver Spring, North Potomac) and the south of Frederick County (Urbana, Point of Rocks, New Market, Mt. Airy, South Frederick City) . For other counties see the SDAT maps here.
Property tax assessment notices were mailed out to Group 1 property owners on Thursday, December 27, 2018.
The 2019 assessments for Group 1 properties were based on an evaluation of 64,807 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 in the 2019 tax year. For the 2019 reassessment, 87.5% of Group 1 residential properties saw an increase in property value.
Keep in mind that 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.