The State Department of Assessment and Taxation (SDAT) last week sent out property value reassessment notices across Maryland revealing an average increase of just over 8 percent for most in the areas assessed this year. SDAT reassesses property values for roughly one third of the properties in Maryland each year in a repeating cycle. In Worcester County, property values are reassessed each year in three geographic groups and this year most residential and commercial properties in the municipality of Ocean City were reassessed.
The recently completed reassessment of Ocean City revealed an average increase in residential property values of 2.2 percent, ending six years of decline in the resort. After recording off-the-chart increases in the early part of the last decade during a remarkable real estate boom, Ocean City residential property values declined in two straight three-year cycles before turning the corner this year with the 2015 reassessments.
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3 comments:
my assessment went down, in Wico Co. in development on nanticoke rd
i wouldn't tell anyone or it's likely to go up
They can have the real estate in OC. I wouldn't want the tax burden if you were to give me the property. OC has the highest water fees in the state. Add to that the annual sewer tax, fixture tax, front foot assessment, water bill, condo fee, flood & fire insurance, it's no wonder people are abandoning their properties. Tax sales being published everywhere.
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