Property Tax Rates in the Mid-Atlantic Could Substantially Increase in 2024
Shawn Eskow, Principal 571.481.9427 | shawn.eskow@ryan.com
Cutchin Powell, Principal 202.470.3094 | cutchin.powell@ryan.com
Grant Steinhauser, Principal 703.746.0022 | grant.steinhauser@ryan.com
The Mid-Atlantic region, encompassing the District of Columbia, Maryland, and Virginia (DMV), is set to undergo a reassessment cycle in calendar year 2024. As the region experiences significant changes, such as an increased demand for public infrastructure and services coupled with declining commercial real estate values, property tax rates are expected to rise. To assist clients in navigating this process, Ryan’s team of experts, which possesses specialized knowledge about market trends and deadlines in the DMV region, is available to provide guidance on appealing property taxes. It is crucial to be proactive and promptly file an appeal upon receiving the new assessment notice in the mail, while keeping track of the approaching deadlines:
- For the District of Columbia, notices are most often mailed in late January or early February, with an April 1 appeal deadline.
- In Maryland, real estate properties are assessed on a triennial basis, and the current assessment “in cycle” deadline is usually in the first two weeks of February. The “out of cycle” deadline is December 31, 2023.
- In Virginia, assessment notices are most often mailed to the owner in January and February. The exact deadline may vary depending on the jurisdiction, usually falling within the first quarter of calendar year 2024.
Avoid the risk of an increase in your 2024 property taxes. The local market experts at Ryan are uniquely positioned to help organizations understand the complexities of these multiple tax jurisdictions. We are the only provider with a physical presence across the DMV and comprehensive national reach.