Recently, the Maryland Department of Assessments and Taxation released updated property values for a third of Maryland homeowners. The majority of these property owners have experienced a remarkable surge averaging 23.4%. This significant increase reflects not only the resilience of Maryland’s real estate market but also the state’s attractiveness as a place to call home. CR of Maryland is happy to dive into what this means for local homeowners as well as those looking to invest in our home state.
Understanding the 2024 Reassessment
All properties in the state are split into three groups that indicate what year they will be reassessed. The 2024 reassessment conducted by the Maryland Department of Assessments and Taxation is a comprehensive evaluation of Group 3 residential and commercial property values. This process aims to ensure that property taxes are fair and reflect the current market conditions. This year’s findings indicate a substantial uptick in property values, providing a positive outlook for owners and investors!
Factors Influencing the Increase
Several factors are contributing to the impressive 23.4% average rise. Maryland has consistently been recognized for its strong economy, diverse job opportunities, and quality of life. These aspects, combined with the state’s prime location, strong education, and healthcare are attractive to individuals, families, and businesses. This creates a demand for real estate that translates into increased property values.
Impact on Property Owners
For Maryland homeowners, the changing property values can provide a range of benefits including a positive return on investment and a higher equity position. This can be particularly exciting for those considering selling their homes or those interested in refinancing.
Some may feel more anxiety about the increased property taxes than others. Luckily, the Homeowners’ Tax Credit allows homeowners to apply for a limit on the property taxes they can be charged if they are eligible based on income.
As Maryland continues to shine on the real estate front, it’s important for homeowners to stay informed about the evolving market conditions. CR of Maryland is here to help you stay up to date about our area’s real estate. Contact us today to explore your options for investment in Maryland!