Wicomico state tax assessments up 3.5 percent

 

Wicomico County property values appear to be bouncing back after a near decade of decline or just holding on.

The Maryland Department of Assessments and Taxation unveiled its reassessment figures for a third of the more than 2 million real property accounts in the state. By law, the Department of Assessments and Taxation must assess these properties every three years, ensuring property owners pay their fair share of local property taxes.

Reassessment notices were mailed to affected property owners this week.

Between January 2013 and January 2016 in Wicomico County, assessed values for homes increased 3.6 percent. During the same period, commercial properties increased 3.2 percent.

Combined, the assessment increase is up 3.5 percent.

The properties undergoing reassessment are part of “Group 1” on the county’s tax maps. This area consists mostly of central Salisbury, from Route 50 south and extending southwesterly down the Wicomico River (but not crossing it) through Riverside Drive, Riverside Drive Extended, Shad Point, Allen and Eden.

Group 1 also encompasses Fruitland south to the county line. The tax grouping is Wicomico’s most-populated portion with its highest housing densities.

The total county property values are now $1.751 billion, with commercial valued at $390 million and residential $1.361 billion.

Next door in Worcester County, home assessments were up 9.9 percent at $3.4 billion; commercial assessments were $4.56 billion. That county’s Group 1 consists primarily of the Berlin-Ocean Pines areas, and not Ocean City.

Somerset County assessment values lost the most ground in the entire state, down 5.1 percent residential and 6.1 percent commercial. The central part of Somerset County was assessed.

Wicomico assessments are beating the U.S. inflation rate, which has averaged less than 1 percent for the total of the last three years

Residential property owners, who apply and are eligible, can receive a Homestead Tax Credit, which states that all taxable assessments cannot increase by more than 10 percent per year.

To view the map for your group visit our website at http://dat.maryland.gov/sdatweb/maps.html.

 

Greg Bassett is editor and general manager of Salisbury Independent. Reach him at gbassett@newszap.com

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