Maryland SB735 allows property owners to petition for a review of the value of commercial real property if it was sold to a new owner for 20% or more.

Maryland SB735 amends the process for reviewing the value of commercial real property. It allows property owners to petition for a review if the property was sold to a new owner for 20% or more than the previous sales price. The petition must be submitted to the supervisor on or before the date of finality for the next taxable year. If the petition meets the requirements, the supervisor or their designee will hold a hearing. The bill also repeals and reenacts sections of the Maryland Tax – Property Article to incorporate these changes.

Maryland SB735 allows property owners to petition for a review of the value of commercial real property if it was sold to a new owner for 20% or more.

Maryland SB735 amends the process for reviewing the value of commercial real property. It allows property owners to petition for a review if the property was sold to a new owner for 20% or more than the previous sales price. The petition must be submitted to the supervisor on or before the date of finality for the next taxable year. If the petition meets the requirements, the supervisor or their designee will hold a hearing. The bill also repeals and reenacts sections of the Maryland Tax – Property Article to incorporate these changes.