On April 16, 2012, the State Department of Assessments and Taxation (SDAT) issued its annual assessment ratio report to Governor O’Malley and the General Assembly. The report contains statistics from which interesting trends in Maryland’s real estate markets can be gleaned. The report indicates that 739,764 properties were valued by SDAT in the new triennial reassessment for years 2012, 2013 and 2014, based on relevant sales or income data obtained as of December 31, 2011. SDAT reports that, on average, residential property values decreased by 22%, while commercial property values decreased by only 1%.
But the averages don’t tell the whole story because certain counties had different experiences than others. Download the full article by Miller, Miller & Canby Commercial Real Estate Property Tax Appeals attorney, Mike Campbell.