Property Tax Assessments - 5-Year Assessment Cycle

HB 1518 changes Maryland's property tax assessment cycle from every three years to every five years for most real property. This affects all Maryland property owners by reducing how frequently their property values are reassessed for tax purposes. The bill maintains that revaluation is still required if specific events occur, such as zoning changes, major improvements adding $100,000+ in value, or errors in calculation. It also preserves property owners' rights to appeal assessments and request re-inspections during the five-year cycle. The bill amends multiple sections of Maryland's tax code to implement this extended cycle.