New 2025 Assessed Real Property Values Effective January 1, 2025!
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. The next reassessment will be effective January 1, 2025 for the 2025-2027 triennial cycle.
Assessment notices will be mailed on December 30, 2024 and the owners will have 45 days from this notice date to appeal the assessments.
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.
Any increase in assessments is phased-in over the 3 years of the assessment cycle. The phase-in assessments for each year of the cycle will be shown on the notice.
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.
