Property assessments spiked 20% in Maryland: What to know

MARYLAND – Many homeowners in Maryland can expect to pay a bigger bill when it comes to property taxes in 2025. The Maryland Department of Assessments and Taxation announced new numbers on Dec. 30, 2024.

Higher Assessments Could Mean Higher Bills

Statewide overall property values rose 20 percent. For many homeowners, that means bills are set to balloon. As realtors explain, the increase in state value assessments may lead to an increase in property taxes.

“The problem is that taxes are not amortized over 30 years. So, that will affect mortgage payments,” said Holly Worthington of Worthington Realty Group in Salisbury.

Will This Affect Wicomico County?

Worthington said for many Wicomico County homeowners, the increase will not be too sharp.

“Overall in Wicomico County, our assessments are pretty low. And, that’s due to the fact that we have lower income persons living… I know when the recession hit, a lot of assessments went down,” Worthington said.

But for folks living on a fixed income, especially seniors, housing advocates warn this change could break the bank.

“20 percent is a lot. And, we see people here with social security incomes as low as $1,200 a month… They still have to pay insurance out of pocket, they pay property taxes, food, transportation—everything,” said Sheri Ewing, Director of Family Services for Habitat for Humanity of Wicomico County.

Helpful Advice From Habitat

Ewing said homeowner and homestead tax credits may help offset some of the new burden.

“That’s something they have to apply for every year, but it definitely helps, especially our senior population,” Ewing said.

Habitat for Humanity of Wicomico County has been busy notifying homeowners they work with about the increase, Ewing said. She added some homeowners may want to consider reverse mortgages. Her advice overall, though, is to brush up on financial education.

“When your mortgage payment goes up $200, that’s a lot of money… I really recommend that people just watch every penny,” Ewing said.

More Information

For more information about the increase, or applying for tax credits, visit the Maryland Department of Assessments and Taxation’s website by clicking here.