PG County Property Values Suddenly Surge

UPPER MARLBORO, MD — Prince George's County led the state of Maryland in the total increase in residential and commercial property values based on the latest tax assessment, according to a statement from the county.

The Maryland Department of Assessments and Taxation released their 2017 reassessments of 750,000 residential and commercial properties throughout the state, which are reassessed by the state every three years. PG County properties increased by 13.5 percent from their last assessment in 2014, with residential property values jumping 14.2 percent and commercial values increasing 11.5 percent, the statement notes.

"One of the major goals of my administration is to raise the property values for all Prince George’s County homeowners and businesses,” Prince George’s County Executive Rushern L. Baker, III said in the statement. “Each year, we have seen property values increase throughout the County. We attribute this to our decreasing crime rate, improvements in our public school system, and by attracting over $8 billion dollars of economic development that has created thousands of new jobs and opportunities."

Of course, the flip side of that is that land owners will see an increase in their property taxes. Some residential property owners could receive a homestead tax credit limiting their taxable assessment from increasing more than a certain percentage each year. You can find out more about that here.

This assessment applies to Group 2 out of three groups. Group 2 property owners had property tax assessment notices mailed to them Dec. 28.

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