Maryland’s real estate booms fifth year in a row – jumps over 20%

Maryland has double the reason to celebrate this New Year. So what’s that? Well, there has been a whopping 20.6% increase in the property. The news gathers momentum as the proper owners of 778,573 homes have got their properties even costlier. The real estate market is booming. So, whether tax bills will have any effect in the New Year? Let’s read further:-

investing in real estate properties

Well, if you are worried that the high cost of properties will bring even higher taxes, then don’t worry. The Maryland State Department of Assessments and Taxation (SDAT) assesses the Tax credit based on the owner’s income, and a specific limit is issued by the department as per the guidelines, according to the property owed.

The news gains significance as there have been over 2 million properties whose appraisal has been conducted by the SDAT.

So, how does it function?

The owners get notice of assessment every three years based on one of the three groups to which their properties are entitled.

Montgomery County’s chief administrative officer, Rich Madaleno, has explained that appraisal is spread over three years, like 21%, which can be phased out as 7% for every year.

Properties have seen a boom.

Eyes will sparkle for the owners on learning that for the fifth year continuously, the real estate sector is experiencing a boom. Michael Higgs, director of SDAT, was upbeat while releasing the data in a press conference.

The state provides a map online.

In order to bring transparency and for the ease of owners, the map is just a few clicks away. The owners who have received relevant notices can easily avail the same online. Every area has been marked with the possible dates of reassessments in the near future, which they can quickly check based on the specific location.