Harwood, Maryland Property Taxes
The median property tax rate in Harwood, MD is 1.06%, which is higher than the national median of 0.99%. With a median home value of $484,700, the typical annual property tax bill in Harwood reaches $4,789, significantly exceeding the national median of $2,690. Property taxes in Harwood are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Harwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Harwood or another part of Anne Arundel County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harwood, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$5,138
Ownwell’s Harwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harwood 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 Harwood, Maryland
Property taxes in Harwood, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harwood is 1.06%, higher than the U.S. national median of 0.99%. Local government entities within Harwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harwood 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 Harwood's effective property tax rate to other areas in Maryland and the national median. For comparison, the 20776 zip code has the highest median property tax rate of 1.06%, while the lowest median tax rate also stands at 1.06%, highlighting a consistent tax rate across the region. Understanding how these areas compare with Harwood 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 Harwood Tax Rate
1.06%
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 Harwood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20776 | 0.78% | 0.88% | 1.06% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Harwood, Maryland
In Harwood, 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 Harwood, 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. The zip code with the highest median tax bill in Harwood is 20776, with a tax bill of $4789. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Harwood Assessed Value
$484,700
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 Harwood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20776 | $303,350 | $394,925 | $484,700 | $634,925 | $812,600 |
Source: Ownwell
Property Tax Bills Across Harwood, Maryland
Property tax bills in Harwood, located in Anne Arundel County, MD, are calculated based on the assessed value of a property and the local tax rate. Homeowners in Harwood can expect a median tax bill of $4,789 annually, which is significantly higher than the national median property tax rate of 0.99%. The assessed value is determined by the county's property assessor and reflects the market value of the home. Several factors influence the final tax bill, including the property's size, location, and any improvements made. For instance, a home in the 25th percentile of tax bills in Harwood would see about $3,690 annually, while those in the 75th percentile might pay around $6,570. At the 90th percentile, the tax bill can reach up to $8,505. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Therefore, understanding how these taxes are calculated can help homeowners better manage their finances and plan for future expenses.
Average Harwood Tax Bill
$4,789
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 Harwood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20776 | $3,088 | $3,690 | $4,789 | $6,570 | $8,505 |
Source: Ownwell