State Reports Property Values in Parts of Bethesda, Chevy Chase and Potomac Up by 7.8 Percent
County sees slower growth in assessments than elsewhere in Maryland
State officials this week reported increased property values in the yellow portion of the map, covering parts of Bethesda, Chevy Chase and Potomac.
Via Maryland State Department of Assessments and Taxation
Property values in parts of Bethesda, Chevy Chase, Potomac and elsewhere in Montgomery County have climbed by 7.8 percent over the past three years, state assessors reported this week.
The 94,268 commercial and residential properties in Montgomery County covered by the report are collectively worth about $66.5 billion, or about $4.8 billion more than at the start of 2014.
The state assesses property values on a triennial cycle; the county is divided into three sections, and the state reevaluates one piece each year. This year’s reassessments encompassed the southwestern corner of the county, including parts of Bethesda, Chevy Chase, Potomac and Silver Spring.
The numbers released Wednesday by the Maryland State Department of Assessments and Taxation were a positive sign for County Council member Nancy Navarro. “With residential assessments up 4.8 percent and commercial assessments up 17.8 percent, we are seeing property values rise at a rate not seen since the Great Recession,” she said in a prepared statement.
Still, Montgomery County lagged slightly behind the rest of Maryland, with the report showing that values for roughly 759,000 properties statewide went up by 8.2 percent in the past three years. The county also trailed Anne Arundel, Baltimore, Charles and Prince George’s counties for the percentage increase in assessed value.
County governments use the assessments calculated by the state to estimate property tax revenues for the coming year. However, Stephen Farber, director of council staff, said this week’s report is unlikely to make a significant impact on county coffers during fiscal 2018. Officials have voiced the desire to adhere to the charter limit, meaning that property tax revenues shouldn’t increase faster than inflation. Because of the rise in property values, officials might consider lowering tax rates to stay within the charter limit, he added.
County Executive Ike Leggett will release his operating budget proposal March 15. The council at the end of May will adopt the spending plan for fiscal 2018, which starts July 1, 2017.