SNOW HILL – Property values rose 46.1% in Worcester County, according to the state’s latest reassessment.
The Maryland State Department of Assessments and Taxation (SDAT) announced the 2024 reassessment of nearly 800,000 “Group 3” properties last week. Statewide, the overall value for that group of properties was up 23.4% since the last reassessment three years ago. Here in Worcester County, there was a 46.1% increase in the value of properties reassessed.
“For six consecutive years, all 23 counties and Baltimore City have experienced an increase in residential and commercial property values, indicating that owning a home or business in Maryland continues to be a good investment,” said SDAT Director Michael Higgs. “SDAT is pleased to provide our customers with new and improved reassessment notices this year and, as part of our Tax Credit Awareness Campaign, each reassessment notice includes information about the Departments’ Homeowners’ and Homestead Tax Credits, which save Marylanders more than $260 million in taxes each year.”
According to SDAT, the overall statewide increase was higher than the 20.6% increase recorded in 2023, representing an average increase in value of 25.6% for all residential properties and 17.6% for all commercial properties since the last Group 3 reassessment in 2021.
The 2024 assessments for Group 3 properties were based on an evaluation of 85,904 sales that occurred within the group over the last three years. If the reassessment resulted in a property value being adjusted, any increase in value will be phased-in equally over the next three years, while any decrease in value will be fully implemented in the 2024 tax year. For the 2024 reassessment, 96.6% of Group 3 residential properties saw an increase in property value.
If Wicomico County tries this Bullshit …. after typing my response, I had to delete it, to keep from getting a knock on my front door
you should be getting a letter saying they have raised your property assessment and will go into effect later this year
Really 6:05, what makes you say that ??
Type in SDAT and follow the prompts. Tax Season is upon us and all them sno bunnies with tootsies need all the unearned income they can get to get there new whip at the buy here pay here car dealer who does the taxes for them.
Matter of time before a Nor Easter destroys the 5 x 10 mile island
This has to be the beginning of a killer housing season for Delaware given the tax offset by that OC is setting themselves for.
Has anyone put any real numbers to this? For example, would an OC home expect to get a 21% increase in taxes (leaving DE to a 21% savings)?
this is a direct result of the folks from NJ, NY DC PA selling their overpriced homes in those markets then coming down here and overpaying for a home. Thinking they are getting a deal cause they still have funds left over to put in the bank. wicomico has raised assessments 30% this year because of them! good luck!