Residential property values drop 22 percent in Maryland

— ANNAPOLIS (AP) — The Maryland Department of Assessments and Taxation says real estate values on residential properties have dropped by 22 percent in the past three years, the largest decline in the history of the department.

The department mailed notices on Tuesday to about 739,765 property owners that reflected the drop.

Maryland reassesses properties every three years. The new assessments are based on the sales of about 50,650 properties over that time.

While the assessments play a role in determining local property taxes, next July’s tax bills will be calculated with tax rates set by local governments.

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Posted on 12/29/2010 in real estate sales