Salisbury Leads Maryland in Commercial Property Value Growth
Salisbury – Maryland’s State Department of Assessment and Taxation has released the results of their latest assessments of residential and commercial properties, and Mayor Jake Day is pleased to announce that the Salisbury area leads the state with a 30.9 percent increase in commercial property valuation. Statewide, the average is 12.5 percent.
“I’m not surprised at the results given the tremendous growth we’ve seen over the past few years,” said the Mayor. “The purpose of our constant and tireless efforts to grow the economy in our City is to create value for the families, shop owners and workers of our community. These significant and dramatic increases in value represent concrete evidence that those efforts are working. The vast majority of the properties assessed this year are in our great City and I am delighted to see our hard-working citizens gaining ground faster than anyone else in the state.”
According to SDAT, overall high sales prices and lower vacancies led to the dramatic rise in commercial property values. Total property assessments rose 11% in the portion of Wicomico County that was assessed for January 1, 2019, the fourth highest increase in the State. The increase in Full Cash Value of properties in the Salisbury area rose more this year than any year since the housing bubble burst in 2008.
The latest assessments were reached by evaluating the last 3 years’ sales, and factoring for improvements to the properties being assessed and/or the surrounding properties. Property value increases will be phased in over the next 3 years, while losses in property value will be implemented in the coming tax year.