Property Tax - Petition to Review Value of Commercial Real Property

SB 735 allows counties and municipal corporations in Maryland to petition for a review of commercial property tax valuations when the property is sold to a new owner for 20% or more above its previous sale price. This new process, added to Section 14-503(b)(2) of the property tax code, enables local governments to challenge valuations for qualifying commercial properties sold under these circumstances. The petition must be submitted to the local tax authority before the next tax year's deadline, with the Department required to establish procedures for handling such reviews. This bill directly affects commercial property owners and local governments by creating a specific mechanism to address potential valuation spikes in sales transactions.