Property values on the rise in Maryland, local experts weigh in

MARYLAND – Property values across the state of Maryland are on the rise and up more than 20% from a decade ago. That’s according to data for the Department of Assessments and Taxation.

Dave Schmidt, owner of Delmarva Dave and homebuyer, told us part of the reason why those assessments have gone up is due to a lack of inventory. Despite that, he said it’s still a strong sellers’ market here on Delmarva.

Homeowners could also face higher property taxes due to those increases, but Schmidt advises you to have your assessments looked over by a professional for accuracy. “Because I have seen in the past instances where properties were over assessed. If the assessment value is inflated, homeowners are going to be paying more taxes on something they may not actually have,” Schmidt said.

Dave said another issue is that wages are stagnant meaning median income isn’t growing as fast as inflation is growing. He said that will pose challenges for those with a fixed income to pay those higher taxes.