MD HB1518

Changes Maryland's property tax assessment cycle from 3 years to 5 years, requiring the Department to review all real property assessments at least once every 5-year cycle

Modifies the phase-in formula for property value increases from one-third/two-thirds increments to one-fifth/two-fifths/three-fifths/four-fifths increments spread over the longer cycle

Adjusts agricultural land income requirements to calculate "average gross income" based on the 4 highest years during a 5-year period (previously 2 highest years during a 3-year period)

Extends the lookback period for escaped property assessments from 3 previous taxable years to 5 previous taxable years

Takes effect October 1, 2026