Mount Savage, Maryland Property Taxes
The median property tax rate in Mount Savage, MD is 1.05%, which is slightly higher than the national median of 0.99% but just below the Maryland state median of 1.06%. With a median home value of $81,200 in Mount Savage, the typical annual property tax bill amounts to $853, which is significantly lower than the national median of $2,690. Property taxes in Mount Savage are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Mount Savage's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mount Savage or another part of Allegany County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Savage, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Mount Savage Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Mount Savage with just two key inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Mount Savage to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mount Savage, Maryland
Property taxes in Mount Savage, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Savage is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Mount Savage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Savage estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Mount Savage's effective property tax rate to other areas in Allegany County and the national median. For comparison, the zip code 21545 has both the highest and lowest median property tax rate of 1.05%. Understanding how these areas compare with Mount Savage provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Savage Tax Rate
1.05%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Savage, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21545 | 0.98% | 1.04% | 1.05% | 1.06% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Mount Savage, Maryland
In Mount Savage, Maryland, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Allegany County assessment office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Mount Savage, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Mount Savage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $853.00 in the 21545 zip code.
Average Mount Savage Assessed Value
$81,200
Average Allegany County Assessed Value
$102,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Savage, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21545 | $41,430 | $57,725 | $81,200 | $124,675 | $185,810 |
Source: Ownwell
Property Tax Bills Across Mount Savage, Maryland
In Mount Savage, located in Allegany County, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor's office and reflects the market value of the property. Homeowners in Mount Savage experience a range of property tax bills, with the 25th percentile at $607 and the 75th percentile at $1259. The highest median tax bill in the area is $853, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements made to the property. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these elements contribute to the overall tax bill can help homeowners better manage their finances and anticipate future tax obligations.
Average Mount Savage Tax Bill
$853
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Savage, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21545 | $432 | $607 | $853 | $1,259 | $1,814 |
Source: Ownwell