Maryland HB1088 allows property owners to petition for a review of the assessed value of commercial real property sold to a new owner under certain.

Maryland HB1088 modifies the process for reviewing the assessed value of commercial real property. It allows property owners to petition for a review if the property is located in the county or municipal corporation and sold to a new owner, provided the total sales price is 20% or more than the previous sales price. The Department of Assessments and Taxation will adopt procedures to carry out this review. If the petition meets the criteria, the supervisor or their designee will hold a hearing. The act also allows the county or municipal corporation to submit a petition for review.

Maryland HB1088 allows property owners to petition for a review of the assessed value of commercial real property sold to a new owner under certain.

Maryland HB1088 modifies the process for reviewing the assessed value of commercial real property. It allows property owners to petition for a review if the property is located in the county or municipal corporation and sold to a new owner, provided the total sales price is 20% or more than the previous sales price. The Department of Assessments and Taxation will adopt procedures to carry out this review. If the petition meets the criteria, the supervisor or their designee will hold a hearing. The act also allows the county or municipal corporation to submit a petition for review.