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BALTIMORE — Residential property tax assessments in the middle of Somerset County are going up by an average of 15.1% over the next three years. That’s according to the The Maryland …
BALTIMORE — Residential property tax assessments in the middle of Somerset County are going up by an average of 15.1% over the next three years. That’s according to the The Maryland Department of Assessments and Taxation.
The triennial assessment that will phase in starting with the 2022 tax bill also shows commercial properties in the same section increasing on average 1.6%.
More than 704,000 “Group 1” properties across the state were reassessed and in Somerset County that includes the Westover to Rehobeth and Shelltown areas as well as Fairmount to Perryhawkin and Cokesbury. The combined residential tax base in the county rose from $313.5 million in 2019 to nearly $361 million today.
“All 23 counties and Baltimore City experienced an increase in residential property values for the fourth consecutive year, while commercial property values increased in 22 counties and Baltimore City. This is a good indicator that the market remains strong and growth is steady here in Maryland,” said SDAT Director Michael Higgs.
“The department’s real property assessors continue to work hard work to ensure that all of Maryland’s properties are assessed uniformly and fairly. As part of our Tax Credit Awareness Campaign, each reassessment notice includes information about the Homeowners’ and Homestead Tax Credits, which save Marylanders more than $260 million in taxes each year.”
The Homeowners’ Tax Credit provides relief for eligible homeowners by setting a limit on the amount of property taxes that are owed based on their income. Residential property owners who complete a one-time application and meet certain eligibility requirements can also receive a Homestead Tax Credit, which limits their principal residence’s taxable assessment from increasing by more than a certain percentage each year regardless of their income level.
Although statewide legislation caps the increase at no more than 10% per year, many local governments have capped property taxes at lower percentages.
The statewide residential increase in Group 1 was 12.7% with commercial property values rising 9.7% for an average of 12% overall. Property tax assessment notices were mailed to Group 1 property owners on Dec. 28.
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 for the July 1, 2022 tax bill.
For the 2022 reassessment, 93.9% of Group 1 residential properties saw an increase in property value.
The two jurisdictions that showed a decrease in commercial property values were Caroline County, down 1%, and Kent County, down 0.4%.
Next to be evaluated are properties from Marion to Crisfield and Smith Island (Group 2) which will receive notices about the reassessment in January 2023.