The Maryland Department of Assessments and Taxation recently released their 2017 reassessments of 750,000 residential and commercial properties throughout the state. These properties, also known as “Group 2,” are reassessed by the State every three years. The Prince George’s County residential and commercial properties assessed in this group increased 13.5% from their last assessment in 2014 – residential property values increased by 14.2% and commercial properties increased by 11.5%.
“One of the major goals of my administration is to raise the property values for all Prince George’s County homeowners and businesses,” said Prince George’s County Executive Rushern L. Baker, III. “Each year, we have seen property values increase throughout the County. We attribute this to our decreasing crime rate, improvements in our public school system, and by attracting over $8 billion dollars of economic development that has created thousands of new jobs and opportunities. The Great Recession hit Prince George’s County harder than most jurisdictions in Maryland, but with vigilance our County government, our business community, and most importantly, our residents, worked hard to get our property values back to pre-recession levels.”
As property values increase, residential and commercial land owners will see an increase in their property taxes. Residential property owners who apply and meet certain qualifications 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. Although statewide legislation caps the increase at no more than 10% per year, many local governments have established property tax caps at smaller percentages.
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