SOMERSET COUNTY, Md. -- Homeowners in the northern end of Somerset County are bracing for the possibility of increased property taxes following a statewide reassessment. Last month, Maryland conducted a comprehensive reassessment in the northern end of the county, and the results indicate a notable upswing in property values.
The overall property values in Maryland saw a considerable rise of 23.4%, with Somerset County surpassing the state average with an astonishing 51.4% increase. This surge marks the most significant spike in property values observed across the state.
This news is welcomed by some homeowners, like Robert McKee.
"Obviously any homeowners concern is the price dropping," said McKee. "Finding out this is worth more than when I signed my contract obviously put a lot of my mind at ease."
However, McKee did say this could be a double-edged sword.
"I believe overall it might be detrimental, I can see both ways where if I've lived here a long time and I'm on government assistance and I need help and now I have to pay more taxes," said McKee. "Or a retiree who has owned a home for a long time, in their eyes I can see why they would not be as excited."
The County's Department of Assessments and Taxation confirmed that, with the surge in property values, the decision on whether and how much property taxes may rise rests with county leaders.
The reassessed section of Somerset County, highlighted in green on the map attached to this article, has witnessed a significant spike in residential property values since the last assessment in 2021.
Herb Hovington, a long-term resident of Princess Anne, echoed McKee's skepticism, questioning the rapid and substantial increase in property values.
However, the Department of Assessments and Taxation offers a potential respite for homeowners facing higher taxes. Those experiencing a significant increase in property value can apply for a 10 percent cap on that value. The new value is then phased-in over three years.