BALTIMORE (WJZ) — Maryland property values are up. It’s good news homeowners have not seen in at least five years. Experts say it could signal a turnaround in the economy.
Gigi Barnett takes a look at which Baltimore areas are seeing the most growth.
The housing market slump may be over. After five years of drops and declines, this week, the state says property values are climbing upwards.
Homeowners say it’s welcomed news.
“It would only help me sell more, get a higher figure,” said homeowner Barbara Parsons.
“It’s great when you can get more for what you paid for,” said homeowner David McNamara.
New figures from the state’s Department of Assessments and Taxations revealed the boost. The department found that homes in the city saw a four percent growth, but it was Montgomery and Anne Arundel counties that saw the biggest jump at nearly six percent.
The new numbers mean higher property taxes. More than 750,000 homeowners will see the boost in their 2014 bill.
“You do not want to have your property values to continue declining in value. So we view this as an encouraging sign that the market has turned, it’s stabilized,” said Assessment and Taxation Director Robert Young.
Assessment workers weigh a slew of factors when determining housing values. Every three years, they look at recent sales and home inspections in a neighborhood.
In Baltimore City, communities like Hampden, Remington and Charles Village did quite well–all thanks to some savvy home selling.
“Someone had their business in the Charles Village area. They renovated it, turned it into a nice single family home, then they actually sold it for a great appreciation in value,” Young said.
While home values went up, experts say commercial properties did, too. Over the last three years, they jumped by about 16 percent.
About one-third of all properties statewide are revalued every year.
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