The Maryland Department of Assessments and Taxation announced its 2024 reassessment of Group 3 residential and commercial properties, the first since January 2021. The overall statewide value increase for Group 3 properties this year was 23.4%, which is higher than the group of properties reassessed last year, which had an increase of 20.6%.
This year’s average assessment increase is 25.6% for all residential properties and 17.6% for all commercial properties.
In Maryland, there are more than two million property accounts that are split into three groups, each appraised once every three years.
When a property’s assessed value is increased, the difference is phased in equally over the three-year cycle. However, if the assessment value is below the prior cycle, the new assessment is fully implemented and carried through each levy year within the cycle.
If considered warranted, property owners or their authorized representatives who received a 2024 reassessment should consider filing an appeal to local SDAT offices within 45 days of the date on the notice.
Successful appeals will reduce the assessed value for each of the years within the revaluation cycle. Also, if a property was reassessed in a prior cycle, one is still able to file a petition for what is known as an “out-of-cycle appeal.”
The appeal process combines three different stages: supervisor’s level, property tax assessment appeal board, and Maryland tax court.
“Another aggressive increase in assessed values means commercial property owners should consider an appeal,” said Bo Vicendese, Principal at Clearview Group. “With multiple stages of the appeal process and a tight turnaround time before the deadline, commercial property owners would be wise to bring in expert help to ensure a successful appeal.”
The deadline to appeal is February 12; now is your opportunity to reduce your real property assessment.
If you need help reviewing the assessment of your properties or with the appeal process, contact Bo Vicendese today!
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