BALTIMORE, MD – The Maryland Department of Assessments and Taxation (SDAT) has released the 2024 reassessment data for many properties, revealing a significant increase in property values across the state. This annual reassessment, covering 767,226 residential and commercial properties, is part of Maryland’s triennial system that evaluates over two million property accounts in three groups.
The latest data indicates a 23.4% surge in overall statewide value for the reassessed “Group 3” properties, surpassing the 20.6% rise recorded in 2023. This increase is part of a six-year trend of growing property values in all 23 counties and Baltimore City, as SDAT Director Michael Higgs noted. He emphasized that this ongoing rise underscores the value of owning a home or business in Maryland. The reassessment results show an average increase of 25.6% for residential properties and 17.6% for commercial properties over the last three years.
SDAT’s 2024 assessments were grounded on analyzing 85,904 sales within “Group 3” over the past three years. Property owners can expect any increase in value to be phased in equally over three years, while decreases in value will take full effect in the 2024 tax year. Notably, 96.6% of “Group 3” residential properties experienced a boost in value. It should also be noted that for sellers, any increase in property value will also impact certain excise taxes. Real estate transfer taxes, for example, will increase at a rate of 0.50% of the property’s value at the time of sale.
The reassessment notices, sent out on December 28, 2023, include enhanced features and information about Maryland’s Homeowners’ and Homestead Tax Credits. These programs collectively save Maryland residents over $260 million in taxes annually. The Homeowners’ Tax Credit offers a ceiling on property taxes for eligible homeowners based on income, while the Homestead Tax Credit limits taxable assessment increases on principal residences, irrespective of income. The cap on increases is set at no more than 10% per year statewide, although some local jurisdictions have opted for lower caps.
Property owners looking for more details on these reassessments, tax credits, and the grouping of properties can access a dedicated map and additional statistics on SDAT’s website. The Department’s Statistics & Reports page also provides further insights into these assessments and their implications for property owners across Maryland.
This comprehensive reassessment and the accompanying tax credit information reflect SDAT’s commitment to keeping Maryland property owners well-informed and financially supported in an environment of rapidly increasing property values. As property values continue to ascend, understanding these changes and the available tax credits becomes crucial for homeowners and commercial property owners alike in managing their investments and tax liabilities.
