Wicomico County sees property value increase

Wicomico County, Md.- A new report showed property values drastically increased this past year in Wicomico County.

A report said that the county has seen an 11% increase since the last reassessment that was done three years ago.

A real estate group told 47ABC that these numbers are more of a correction of where we need to be, since we spent years recovering from the recession.

The property value increase is seen to be beneficial to not only home owners, but to businesses as well.

“People are taking advantage of that right now to be able to sell their house and get more out of it now than they ever could,” Rich Barr, with The Maryland and Delaware Group of Long & Foster, said. “The commercial property numbers have gone up but that also means more businesses have come to town bringing more employees you know raising the wages for current employees so that’s definitely helped a lot.”

47ABC was told the real estate market and the economy as a whole here on Delmarva, specifically in Wicomico county, continues to improve.

But there is some not so great news, because property values are going up, so are people’s taxes, which means people living in the county will have to pay a bit more going forward.

Categories: Local News, Maryland