Property Tax - Petition to Review Value of Commercial Real Property

HB 1088 allows counties and municipal corporations in Maryland to request a review of the assessed value of commercial real property sold to a new owner when the sales price is 20% or more higher than the previous sale price. This bill modifies Maryland’s property tax code to authorize local governments - not individual property owners - to file such petitions with tax supervisors. The key provision requires the Department of Assessments to establish procedures for handling these requests, with hearings scheduled per existing tax appeal rules. It directly affects commercial property transactions meeting the 20% price increase threshold, aiming to adjust assessments for significant value jumps after resale. The bill takes effect October 1, 2026.