Maryland

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Maryland owes more than it owns.
Maryland has a -$11,200 Taxpayer Burden.™
Maryland is a Sinkhole State without enough assets to cover its debt.
Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, not just pension debt.
Maryland only has $35.7 billion of assets available to pay bills totaling $61.4 billion.
Because Maryland doesn't have enough money to pay its bills, it has a -$25.7 billion financial hole. To fill it, each Maryland taxpayer would have to send -$11,200 to the state.
Maryland's reported net position is overstated by $4.3 billion, largely because the state delays recognizing losses incurred when the net pension liability increases.
The state's financial report was released 212 days after its fiscal year end, which is considered untimely according to the 180 day standard.

IN THE NEWS
Baltimore Audit Finds a Bigger Problem Than Any Single Finding: Weak Controls Across the City

SEPTEMBER 8, 2026

Baltimore’s 2025 Single Audit points to a broader problem than any one accounting error or compliance issue. Across the city’s finances, auditors repeatedly found the same underlying weaknesses: late reviews of account balances, fragmented responsibilities across departments, weak monitoring, and internal controls that failed to catch problems before year-end. Those breakdowns affected everything from cash and grant reporting to utility billing and cybersecurity.

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