The state of Maryland on Tuesday released a year-end property tax reassessment showing a 9.6 percent increase in residential property values in much of Montgomery County.
The state’s Department of Assessments and Taxation announced its reassessment of more than two million properties in the state and about 104,000 in Montgomery County.
The state divides properties into three groups, each which is reassessed every three years.
This year’s group (Area 1 on this map) includes residential and commercial properties in Bethesda, North Bethesda, Wheaton, Rockville, Silver Spring, Takoma Park, Potomac and much of the up-county region.
The total value of those properties increased from $55.3 billion in the 2013 reassessment to $61.4 billion in the reassessment released Tuesday. That 11.1 percent increase is similar to increases in Anne Arundel, Baltimore, Charles and Howard counties and Baltimore City.
Prince George’s County showed by far the most growth in property values with a 24.7 percent increase from the 2013 reassessment.
Almost 90 percent of the 97,691 Montgomery County homes reassessed increased in value compared to 2013.
In 2013, the last time the state assessed this group of residential and commercial properties, their value had increased by 4.1 percent compared to 2010. In 2010, soon after the end of the Great Recession, the value of the same group of properties had decreased by 17 percent compared to 2007.
Report: Toll Brothers buys 8008 Wisconsin Avenue project from Douglas Development
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Rendering of 8008 Wisconsin Avenue, as presented by then-developer Douglas Development in July 2014. Credit: Andrew Metcalf
According to bi-weekly real estate publication Maryland Newsletters, Toll Brothers recently agreed to buy the 8008 Wisconsin Avenue project from a partnership led by Douglas Devleopment for $17.14 million.
The project, set for the corner of Cordell and Wisconsin avenues and the former site of the Ranger Surplus store, is in the county’s approval process.
Douglas had pitched a 14-story, 140-unit rental apartment building. According to the report, Toll Brothers is expected to convert the project to for-sale condominium units, like its under-construction Hampden Row project elsewhere in downtown Bethesda.
Douglas ran into issues earlier this year when it had to modify the project to allow for additional public right-of-way required by Montgomery County's master plan for bus rapid transit.
While close-in suburbs become hot spots, Montgomery County housing market sees few changes
The average sales price for a home in Montgomery County in 2015 was $400,000, according to data from RealEstate Business Intelligence, meaning zero percent change in the figure from 2014.
The average number of days on the market also remained virtually flat, with sales in Takoma Park averaging 12 days on the market, good for the fastest-paced market in Montgomery and Prince George’s counties.
As is usually the case, the highest median sales prices could be found in Chevy Chase ($900,000) and Potomac ($849,000). Bethesda had the second highest price per square foot of all 2015 sales at $403. Chevy Chase sales averaged a price per square foot of $484.
