Property values across Maryland have risen an average of nearly 9% over the last three years, according to the latest round of state assessments.
Values increased in all 23 Maryland counties and Baltimore City by an average of 8.9%, representing an average increase of 7.3% for residential properties and 13.5% for commercial properties. The Maryland State Department of Assessments and Taxation, which released the numbers earlier this week, splits the state’s properties into three groups, evaluating each group every three years.
For the 2020 assessment, more than 86% of the Group 2 residential properties saw an increase in property value. The assessments were based on an evaluation of 73,106 sales that occurred within Group 2 over the past three years. If a property increased in value, that increase will be phased-in equally over the next three years while any decrease will be seen in the 2020 tax year.
“All 23 counties and Baltimore City experienced an increase in residential and commercial properties for the second consecutive year, which is a good indicator the market remains strong and growth is steady,” said SDAT Director Michael Higgs in a statement.
Overall, Prince George’s County saw the highest increase in the state, with a combined residential and commercial property value increase of 13.3%. Somerset County had the lowest increase at 1.2%.