2021 | Government

Montgomery County properties in latest reassessment rise 9.2% in value

Rockville, Gaithersburg among areas that were reviewed for 2021

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The green shaded area on the map shows the properties the state reassessed starting Jan. 1.

From Maryland Department of Assessments and Taxation

The latest property reassessments in Montgomery County — covering about a third of the county — show a total increase in value of about 9.2%.

Residential values rose about 6.6% and commercial values went up about 14.4%.

Maryland divides its assessments into three-year periods, revaluing one-third of each county and Baltimore City at a time.

The latest round of property assessments in Montgomery County are in eastern, northern and central parts of the county. The area includes Rockville, Olney and Gaithersburg.

Notices of the new values that went into effect on Jan. 1 were mailed to property owners on Dec. 29.

The overall value of the newly reassessed properties rose from $67.80 billion to $74.04 billion, or 9.2%.

A chart provided by the state Department of Assessments and Taxation showed that 78.5% of the properties increased in value, including 83.5% of the residential properties.

The same section of the county increased 8.4% in value in the 2018 reassessment and 18.7% in 2015.

It declined 8.6% in 2012 and 10.6% in 2009.

As property values go up, owners’ tax bills go up, unless the county lowers the tax rate.

Montgomery County has a cap in which the assessment may rise no more than 10% for calculating property taxes, the maximum increase allowed under state law.

An increase in a property’s value is phased in over the three-year period. A decrease takes effect in the first year.

Across Maryland, the overall increase in property values under this year’s reassessment was 8.1%.

The breakdown was 7.5% for residential properties within the group and 9.7% for commercial properties.

“All 23 counties and Baltimore City experienced an increase in residential property values for the third consecutive year, while commercial property values increased in 21 counties and Baltimore City,” Department of Assessments and Taxation Director Michael Higgs said in a press release. “This is a good indicator that the market remains strong and growth is steady here in Maryland.”