Press Release: Maryland Governor Signs Law to Combat Real Estate Appraisal Discrimination
Maryland Governor Wes Moore has signed a pivotal bill aimed at reducing discrimination in real estate appraisals, particularly impacting predominantly Black neighborhoods. This legislation eliminates the bachelor’s degree requirement for certain appraiser licenses, addressing systemic discrimination highlighted in a report by the Abell Foundation. The study revealed that homes in minority neighborhoods often appraise lower than their contract sale prices, while properties in predominantly white areas tend to appraise higher.
Nathan Connolly and his late wife, Shani Mott, experienced these disparities firsthand, facing an undervalued appraisal on their renovated Baltimore home. After taking the unusual step of "whitewashing" their home for a second appraisal, they saw its value jump by nearly $300,000, a stark reminder of racial bias in the appraisal process.
Supporters, including Del. Kym Taylor, hope that diversifying the appraiser workforce will lead to fairer valuations. Maureen Yap of the National Fair Housing Alliance emphasized that historically low appraisal values can hinder generational wealth building for families of color. The law, effective from October, is part of broader efforts to promote equity within the real estate industry.
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