Maryland’s Best Kept Real Property Tax Secret: Out of Cycle Appeals
October 29, 2014 - By: SC&H Group
If you own property in Maryland, SC&H Group’s State & Local Tax practice can help you potentially uncover tax savings based on one of the best kept property tax secrets in the state – out-of-cycle appeals.
In the state of Maryland, properties are reassessed once every three years depending on where the property is located within one of a County’s three Assessment Areas.
Property owners will typically receive a Notice of Assessment only once during a three year period – the December prior to the new assessment being set as of January 1st of the new tax year. The deadline to appeal this assessment value is 45 days from the date on the notice.
However, property owners may file a Petition for Review by January 1st in the two years the property is not being revalued. This is called an out-of-cycle appeal.
There are many reasons to consider filing a Petition in the years your property has not been revalued. Each situation is different. Whether you missed the appeal deadline in the year your property was revalued, are experiencing occupancy and rental rate issues, or are facing unexpected increases in maintenance costs, you can file an appeal and potentially pay lower real property taxes for the remaining years before your property is scheduled to be reassessed.
Do you know where your property is in the assessment cycle? Please contact SC&H Group’s Real Property Tax practice for more information about out-of-cycle appeals, and to learn more about how we can help lower your real property tax liability.