News & Insights

Maryland Commercial Property Owners Will See Significant Property Valuation Increases in 2022

Tax Development Jan 07, 2022

Notices were mailed to property owners on December 28, 2021. Appeal deadline is February 11, 2022.
Overall assessments are up 12% across the state. Commercial assessments are up 9.7%, while residential is up 12.7%.
Commercial assessments are up 11.3% in Baltimore County, 16.2% in Prince George’s County, and 10.1% in Montgomery County.

michaelallen
By Michael Allen

Maryland Commercial Property Owners Will See Significant Property Valuation Increases in 2022

The Maryland property tax experts at Ryan conducted a recent analysis of property tax assessments ahead of the 2022–2024 triennial assessments. We found that assessors throughout Maryland jurisdictions have been aggressive at arriving at their proposed assessed values. The State Department of Assessments and Taxation (SDAT) has issued statewide guidelines indicating that the negative impacts from the pandemic will not be considered, and assessments will be based on the last three years of performance. 

As shown in the following table, Maryland is increasing residential and commercial properties on a combined basis by an average of 12%, with some counties being well above 15%.

Maryland Residential and Commercial Property Cash Value Change

The appeal deadline for these “in cycle” assessment appeals is 45 days from the date the assessment notices were mailed. The assessments were mailed the last week of December 2021. The appeal deadlines will therefore fall somewhere around February 11–15, 2022. Property owners must file a notice of appeal by that date to preserve appeal rights and potentially earn property tax mitigation for the entire three-year cycle. 

The local experts at Ryan are actively assisting clients in Maryland with review of assessed values and appeal recommendations. We encourage you to contact us with questions and requests as the short appeal filing window approaches.

TECHNICAL INFORMATION CONTACTS:

Michael Allen
Principal
Ryan
954.740.6240
michael.allen@ryan.com

Shawn Eskow
Director
Ryan
703.746.0022
shawn.eskow@ryan.com

Michael Owen
Director
Ryan
703.746.0022
michael.owen@ryan.com

Grant Steinhauser
Director
Ryan
703.746.0022
grant.steinhauser@ryan.com

The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.