New 2022 Assessed Real Property Values are Here!
This winter, property owners across the City will receive an updated assessed value for their properties. The State of Maryland conducts these assessments every three years, guiding the City and County’s tax rates for residents and business owners. Visit the Real Property Tax webpage for more information.
Two factors determine property taxes:
- The total assessed value of the real property (land plus improvements) and;
- the property tax rate that is established by each taxing jurisdiction. In Takoma Park, taxing jurisdictions include the State of Maryland, Montgomery County, and the City.
Assessments are based on the property’s fair market value and are issued by the Department of Assessments and Taxation, a State government agency. Properties are reassessed once every three years, and property owners are notified of any change in the assessed value of their property in late December. Properties in Takoma Park are scheduled to be reassessed in January 2022, with the new assessed value taking effect in July 2022.
Appealing Your Assessment
The notice contains an appeal form and instructions that must be filed with the local assessment office within the 45-day time limit for appeal. When considering whether to appeal an assessment, the focus should be on the total new fair market value and whether any errors have been made in evaluating the improvement characteristics on the property.
Using the Interactive Map
The City Planning Division has created an interactive map as a tool to provide a broad-based view of your property assessment as well as your neighborhood and surrounding areas. This may assist you should you need to appeal your assessment. Visit the Real Property Tax webpage to see the interactive map that displays how your property value has changed since the 2019 assessment.
This article was featured in the January 2022 Newsletter. Visit the Takoma Park Newsletter webpage to see full list of past newsletters.