Tracys Landing, Maryland Property Taxes
The median property tax rate in Tracys Landing, MD is 1.08%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Tracys Landing at $418,000, the typical annual property tax bill reaches $4,096, exceeding the national median of $2,690. Property taxes in Tracys Landing are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tracys Landing'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 Tracys Landing or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tracys Landing, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$4,514
Ownwell’s Tracys Landing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tracys Landing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tracys Landing 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 Tracys Landing, Maryland
Property taxes in Tracys Landing, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tracys Landing is 1.08%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Tracys Landing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tracys Landing 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 Tracys Landing's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20779 zip code has the highest median property tax rate of 1.08%, while the 20779 zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Tracys Landing 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 Tracys Landing Tax Rate
1.08%
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 Tracys Landing, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20779 | 0.77% | 0.89% | 1.08% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Tracys Landing, Maryland
In Tracys Landing, 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 Tracys Landing, 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 Tracys Landing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 20779 has the highest median tax bill at $4,096, which is above the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Tracys Landing, Maryland
Source: Ownwell
$224,750
$1,053,975
$1,883,200
Average Tracys Landing Assessed Value
$418,000
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 Tracys Landing, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20779 | $221,460 | $311,100 | $418,000 | $542,500 | $683,860 |
Source: Ownwell
Property Tax Bills Across Tracys Landing, Maryland
In Tracys Landing, property tax bills are calculated based on the assessed value of your home, which is determined by the Anne Arundel County assessor's office. This assessed value is then multiplied by the local property tax rate to determine your annual tax bill. For instance, if your home is assessed at the median home price of $418,000, your property tax bill will vary depending on the specific tax rate applied. Several factors influence the assessed value, including the market value of comparable homes in the area, any improvements or renovations made to the property, and overall market conditions. Homeowners in Tracys Landing can expect a range of property tax bills, with the 25th percentile at $3,038 and the 75th percentile reaching $5,662. For those at the higher end, the 90th percentile tax bill can be as high as $6,900. This variability in tax bills means that homeowners need to be aware of how changes in their property's assessed value can affect their annual expenses.
Average Tracys Landing Tax Bill
$4,096
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 Tracys Landing, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20779 | $2,418 | $3,038 | $4,096 | $5,662 | $6,900 |
Source: Ownwell