Commercial Property Owners in Maryland See Significant Reassessment Increases in 2024

Counties across Maryland have issued the triennial assessment notices for commercial real estate. Average values (in 2024) have spiked by 23.4% since the last cyclical (2021) assessment. This profound assessment growth includes increases of 25.6% for multifamily properties and 17.6% for all other commercial real estate.

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Property tax bills are issued in July or August each year by Maryland’s 23 counties, Baltimore City, and the 155 incorporated municipalities. In-cycle appeals (for these new triennial assessments) are due 45 days from the reassessment notice, with notices usually mailed in late December. As such, in-cycle appeal deadlines typically fall in early February. Out-of-cycle appeals (for the remaining years of the assessment cycle) are due December 31 of the year preceding the value year. Additionally, new owners who purchased properties from January 1 through June 30 are afforded an additional appeal opportunity within 60 days of “close,” regardless of where it is in its cycle.

The local experts at Ryan assist Maryland property owners more than any other provider with analysis audit and appeals. Our Mid-Atlantic team includes some of the most highly credentialed and experienced consultants in the industry.

Don’t risk an increase in your 2024 property taxes. Ryan’s experts have a proven history of successfully reducing values for a variety of property types using one or more of the established valuation approaches. Contact one of our experts now.