BERLIN — Buoyed by a surging real estate market, property values in the north end of Worcester County spiked considerably since the last reassessment, exceeding state average gains.
The State Department of Assessment and Taxation (SDAT) this week announced the results of the triennial reassessment of residential and commercial real estate values across Maryland and the news was generally positive. Each year, about one-third of the residential and commercial properties around the state are reassessed and assigned new values are used to determine property tax amounts.
For property owners, higher reassessments mean higher property tax bills. For governments, more tax revenue is dumped into the coffers unless tax rates are adjusted down.
This year, using the revolving geographic formula that divides Worcester into three relatively equal parts, all residential and commercial properties in Group 1, or essentially the northern portion of the county, including Berlin and Ocean Pines, for example, were reassessed. The figures released by SDAT this week revealed significant gains in property values in the area reassessed this year statewide and locally.
Statewide, residential properties reassessed this year saw their values increase by an average of 12%. In Worcester, residential properties in the north end of the county saw their values increase by 20%, while in neighboring Wicomico, values increased by 22%. Only Charles County exceeded the gains realized in Worcester and Wicomico, coming in at 27% for the reassessed area in that jurisdiction.
Here we go!! they have to get that money back somehow and guess what buddy taxes are gonna go up everywhere on everything in the state of Maryland you should get out as soon as you can