Friendship, Maryland Property Taxes
The median property tax rate in Friendship, MD is 1.07%, slightly above both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $385,400 in Friendship, the typical annual property tax bill reaches $4,028, surpassing the national median of $2,690. Property taxes in Friendship are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Friendship'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 Friendship or another part of Anne Arundel County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Friendship, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$4,124
Ownwell’s Friendship Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Friendship with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Friendship to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Friendship, Maryland
Property taxes in Friendship, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Friendship is 1.07%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Friendship set these rates annually, and they can vary significantly across different neighborhoods. Each year, Friendship 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 Friendship's effective property tax rate to other areas in Maryland and the national median. For comparison, the 20758 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these areas compare with Friendship provides valuable insights into the varying tax landscape across Anne Arundel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Friendship Tax Rate
1.07%
Average Anne Arundel County Tax Rate
0.97%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Friendship, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20758 | 0.87% | 0.93% | 1.07% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Friendship, Maryland
In Friendship, 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 Anne Arundel County Appraisal District 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 Friendship, 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. For instance, the median home price in Friendship is $385,400, with tax bills ranging from $3,161 at the 25th percentile to $6,509 at the 90th percentile. The highest and lowest median tax bills are both $4,028 in the zip code 20758. Being aware of these valuation processes in Friendship helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Friendship, Maryland
Source: Ownwell
$224,750
$1,053,975
$1,883,200
Average Friendship Assessed Value
$385,400
Average Anne Arundel County Assessed Value
$376,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Friendship, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20758 | $182,560 | $283,400 | $385,400 | $498,900 | $600,040 |
Source: Ownwell
Property Tax Bills Across Friendship, Maryland
In Friendship, located in Anne Arundel County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Friendship stands at $385,400. Property tax rates are applied to this assessed value to determine the annual tax bill. In Friendship, the tax bill for the 25th percentile is $3,161, while the 75th percentile sees a tax bill of $5,071, and the 90th percentile reaches $6,509. These figures highlight the variation in tax bills depending on home values. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Friendship may experience higher tax obligations, impacting their annual budgets. Understanding these factors is crucial for homeowners to anticipate their property tax liabilities and manage their finances effectively.
Average Friendship Tax Bill
$4,028
Average Anne Arundel County Tax Bill
$3,553
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Friendship, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20758 | $2,462 | $3,161 | $4,028 | $5,071 | $6,509 |
Source: Ownwell