What is the role of the Maryland State Department of Assessments and Taxation?

The Maryland State Department of Assessments and Taxation plays a crucial role in maintaining ownership records and collecting taxes related to real estate. This includes overseeing the assessment of property values to ensure that taxes are fairly levied according to the market value of properties. The department is responsible for keeping accurate and up-to-date records on property ownership, which is vital for various legal and financial transactions, including the transfer of property and the administration of tax obligations.

Maintaining ownership records ensures transparency and helps in determining the rightful owner of a property, which is essential for title assurance and real estate transactions. Additionally, by collecting property taxes, the department provides necessary funding for local services such as education, public safety, and infrastructure, reinforcing its importance in the overall functioning of state and local government.

The other options refer to functions that are not within the department's mandate. Rental property regulations are typically managed through different local or state entities, real estate closings involve various stakeholders including title companies and attorneys, and property appraisals are usually conducted by licensed appraisers or appraisal firms rather than a state department.