Good news Charles County! Two different agencies, one public and one private, reported recently that property values are increasing in Charles County.
The Maryland Department of Assessments and Taxation (SDAT) shows that residential property values in Charles County District 1, which includes St. Charles, the most populous area of the county, increased by 12.4%. Overall, assessments in the state increased 9.5%.
"St. Charles is leading the way to improved property values and a broader tax base in Charles County," said Matthew M. Martin, St. Charles Companies president. "It's especially noteworthy that commercial tax assessments increased 12%, as a strong and growing commercial tax base is important to being able to provide key public and private goods and services, including education, to our residents.”
"We're very pleased that the SDAT report shows that St. Charles is continuing to fulfill its historic mission under Docket 90 to generate positive net revenue to Charles County,” continued Mr. Martin. "After more than 40 years, St. Charles continues to be a leading example of smart, well managed growth."
Overall, the total value of all residential parcels in District 1 increased from $4.196 billion to $4.715 billion dollars between 2013 and 2016, and the total value of commercial properties rose from $2.1 billion to $2.35 billion dollars. According to SDAT records, 94% of homes assessed in Charles County increased in value during the study period, well above the statewide average of 76.93%. Only Frederick County and Prince George's County saw a higher percentage of homes increase in value than Charles County.
Real Estate Business Intelligence, which tracks the prices and sales of homes in the Washington region, reports that, in 2015, homes sold in Charles County increased in price by 3.1%, and sold listings in Charles County increased by 21%, to 2,362 homes.
By law, SDAT must assess properties in the state every three years. For more information, visit http://www.dat.maryland.gov/PRsdat/pr122915Reassessment.pdf.