January 1st, 2024 by WCBC Radio

The Maryland Department of Assessments and Taxation announced its 2024 reassessment of 767,000 “Group 3” residential and commercial properties. The overall statewide value increase for “Group 3” properties was 23.4 percent – the state groups properties into 3 sections, assessed every 3 years. In Allegany County, 8,661 improved properties increased in value. When property values increase, the increase is phased in equal increments over the next three years to offer some cushion for taxpayers during periods of swift and considerable increases in property values.