Frederick County property values increase greater than state average

Dec. 30—Property values rose an average of 29.5% in Frederick city and northeastern parts of Frederick County this year, almost 9 percentage points higher than the state average property value increase, according to a state reassessment.

"This is the most we've been up in quite some time since the [housing] crash in 2008," said David Etter, supervisor of assessments for the Maryland Department of Assessments and Taxation in Frederick County. "We're kind of surprised that everything continued to go up since last year into this year."

The state divides every county and Baltimore City into three sections and reassesses properties in each section every three years, using sale prices as a guide. Values for Group 2, the most recent section, which also includes Walkersville, Woodsboro and surrounding communities, were part of this year's reassessment.

Group 2 residential property values increased by an average of 31.1% and commercial values increased by an average of 21%.

The area's combined average value increase for both types of properties, 29.5%, is the the fourth highest in the state, behind only Garrett, Somerset and Worcester counties.

In 2020 and 2017, property values for Group 2 increased by only 9.8% and 6.3%, respectively.

When asked why values rose as sharply as they did this year, Etter's answer was simple: "It's just a matter of supply and demand. A lot of demand, not enough homes."

Of the 35,648 residential properties assessed, 35,591 — 99.84% — increased in value. Comparatively, 96.4% of statewide residential properties increased in value.

Property tax assessment notices were mailed to Group 2 property owners on Dec. 27, according to the department.