Home values decline in county
Wednesday, 08 January 2014 12:21

Assessments rose statewide by 1.3 percent

by Nicole Rodman

Residential property values in Baltimore County declined by 2.9 percent while commercial
property values rose 12.2 percent, according to recent property value assessment figures released by the State Department of Assessments and Taxation last month.
    While home values fell in Baltimore County, residential property values across Maryland climbed 1.3 percent, while the value of commercial properties went up 16.3 percent.
    Property assessments are conducted each year by the State Department of Assessments and Taxation. The department assesses the value of all Maryland properties in order to calculate the amount of property tax owed.
    The next round of property tax bills will be sent out in July. Taxes are levied at both the state and local level.
    Locally, the tax rate for residential property in Baltimore County as of 2013 is $1.10 per $100 of assessed value.
    Baltimore City has the highest residential property tax rate in the state at $2.248 per $100 of assessed value.
    The Maryland state property tax rate is $0.112 for every $100 of assessed value.

Under state law, the value of a property is reassessed every three years. Each year, the Department of Assessments and Taxation reassesses a third of the properties across the state.
    Properties that were reassessed for the July 2014 round of property taxes were last assessed in 2011.
    If the value of a property increases following a reassessment, the increase is “‘phased-in’ equally over the next three years,” according to a press release issued by the Department of Assessments and Taxation.
    “Any decrease is fully implemented in the first tax year and remains at the reduced assessment for the full three-year cycle,” the release continued.
    2014 property value assessments were “based upon the examination of 51,309 sales which have occurred in the reassessment area over the past three years,” the press release stated.
    Assessment notices for properties reassessed for 2014 were mailed out to approximately 749,639 property owners across the state on Dec. 27.
    For property owners who think that the reassessed value of their property is not accurate, the State Department of Assessments and Taxation does provide an appeals process.
    Appeals may be filed once an assessment notice is received. An appeals form, which must be submitted within 45 days of the date of the notice, is included with the mailed assessment.
    For more information on appealing a property tax assessment, visit www.dat.state.md.us/sdatweb/appeal.html
    For information on property tax asssessments, call the State Department of Assessments and Taxation at 410-767-1191 or visit www.dat.state.md.us.