Posted May 09, 2018 04:23:20 Maryland property taxes are on the rise.
This year, Maryland taxpayers will have to pay an average of $8,000 more in property taxes, according to a new report.
The state’s average property tax increase of $6,500 over last year’s increases will make property tax bills for the average home in the state $3,000 larger.
The report from the Institute for Taxation and Economic Policy found Maryland property taxpayers will pay an extra $1,200 this year due to the state’s rising property tax rate.
The Institute for Revenue and Policy Research (IRP) also found that the average property owner in Maryland will pay $7,000 in property tax.
The average Maryland household has to pay $1.3 million more in taxes than it did in 2016.
The median property tax bill in Maryland this year is $3.1 million, according the IPR report.
Maryland’s property tax increases were not unexpected given the state was recently hit by a wave of hurricanes and droughts, and the recent economic downturn.
A property tax hike is expected to cost the state a total of $2.4 billion this year, according IPR.
Property tax bills in Maryland have risen at a more than 10 percent annual rate since 2012.
The annual increase is the largest increase in any state.
The latest property tax report also found a dramatic jump in the number of delinquent property taxes.
This increase was the highest since 2016, when more than 4,000 delinquent tax bills were filed, according IRP.
This means that there are currently about 2,000 overdue property taxes in Maryland.
In 2017, Maryland was one of only three states with more delinquent property tax than residents.
The other two states were Texas and Alabama.
The IPR said the rising property taxes were due to two factors.
The first is the state is a “highly-taxed jurisdiction,” meaning it has high property taxes and is one of the most expensive jurisdictions to live in.
A second factor is that Maryland is one that was hit hard by Hurricanes Harvey and Irma.
While property tax revenues in the United States have been stagnant in recent years, Maryland’s increased tax burden and a shortage of available tax credits have resulted in an increase in property values.
In 2018, property tax payments were $7.5 billion, according state data.
That was down from $9.6 billion in 2017, according tax data released by the Department of Revenue.
Property taxes have increased more than 200 percent over the past 25 years, according a report from Tax Foundation.