Property assessments are down by 22 percent in the past three years in Maryland. The Maryland Department of Assessments and Taxation says real estate values on residential properties have suffered the largest decline in the history of the department.
The state reassesses properties every three years. The new assessments are based on the sales of about 51,650 properties over that period of time. While they play a role in determining local property taxes, next July's tax bills will be calculated with tax rates set by local governments.
The department mailed notices yesterday to nearly 740,000 property owners reflecting the drop.