December 31st, 2019 by WCBC Radio
The overall statewide increase for “Group 2” properties was 8.9% over the past three years according to the Maryland State Department of Assessments and Taxation (SDAT). SDAT announced today its 2020 reassessment of 769,668 “Group 2” residential and commercial properties. In Maryland, there are more than 2 million property accounts which are split into three groups, each appraised once every three years.
The overall statewide increase nearly matched 2018’s 9.1% increase. This represents an average increase in value of 7.3% for all residential properties and 13.5% for all commercial properties since the last Group 2 reassessment in 2017.
The 2020 assessments for Group 2 properties were based on an evaluation of 73,106 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 2020 tax year. For the 2020 reassessment, 86.4% of Group 2 residential properties saw an increase in property value.
.jpg)
December 31, 2019 at 1:03 pm, Brian said:
Just look around do you think the property values and Cumberland have gone up or down the state will figure out a way to average out property values in the state in order to screw the people of Cumberland once again