Property values in a third of Montgomery County have increased nearly 7 percent in the past three years, according to new report from state tax assessors.
The State Department of Assessments and Taxation said in a report released Friday that the combined value of one-third of residential and commercial property in Montgomery County rose from $62.6 billion on Jan. 1, 2016 to $66.9 billion this month.
The department reassesses a third of properties in each county every year and the values are used in determining property tax bills.
In Montgomery County, portions of Silver Spring and Bethesda, as well as North Potomac, Poolesville and most upcounty areas were included in the latest round, known as Group 1. Group 2 includes Bethesda and parts of Wheaton, and Group 3 includes parts of Gaithersburg, Damascus and the Eastern portion of the county.
Group 3 properties were reassessed at the beginning of this year, and Group 2 properties will next be reassessed Jan. 1, 2020.
The 2019 reassessment of Group 1 marked the seventh straight year that Montgomery County has experienced an increase in property values, with the largest of those coming when Group 3 property values increased 18.7 percent in 2015.
This followed four straight years of property value decreases.
According to a news release from SDAT, there was a 9.1 percent statewide increase in property values, marking the first time since 2008 that all 23 counties and Baltimore City posted an increase.
The property value increase mirrors a 4.8 percent increase in the average home sale price from November 2017 to November 2018 from $565,618 to $539,771, according to a market trends report from the Greater Capital Area Association of Realtors. That report also found that closed home sales fell from 710 in November 2017 to 584 in November 2018.
Dan Schere can be reached at Daniel.schere@moco360.media
