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Maryland issues new property assessments

December 28th, 2016 by WCBC Radio

Property values in Maryland increased in the latest round of state assessments, but at a slower rate than previous years, reflecting a lull in price growth that hit the local housing market in recent years.

Commercial and residential properties included in this year's assessments increased an average of 8.2 percent over the last three years, according to the most recent state evaluations, which the Department of Assessments and Taxation mailed to more than 750,000 commercial and residential property owners on Wednesday.

The state conducts assessments on a three-year rotation, with a third of all properties evaluated each year. The new assessments will be used for the 2017 tax bill sent in July, with increases phased in over three years.

About 71 percent of properties included in this round saw assessments increase. Residential values rose by an average of 6.4 percent, while commercial values grew an average of 13.6 percent.

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