Hampstead, Maryland Property Taxes
The median property tax rate in Hampstead, MD is 1.04%, slightly higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Hampstead at $318,000, the typical annual property tax bill reaches $3,369, surpassing the national median of $2,690. Property taxes in Hampstead are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hampstead'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 Hampstead or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hampstead, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$3,307
Ownwell’s Hampstead Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hampstead with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampstead 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 Carroll County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hampstead, Maryland
Property taxes in Hampstead, Maryland, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Hampstead is 1.04%, which is significantly higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Hampstead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampstead 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 Hampstead's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21074 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Hampstead provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampstead Tax Rate
1.04%
Average Carroll County Tax Rate
1.10%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampstead, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21074 | 0.97% | 1.00% | 1.04% | 1.18% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Hampstead, Maryland
In Hampstead, 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 Carroll 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 Hampstead, 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 Hampstead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hampstead is $318,000, with tax bills ranging from $2,795 at the 25th percentile to $5,273 at the 90th percentile. The highest and lowest median tax bills are both $3,369 in the 21074 zip code.
Average Hampstead Assessed Value
$318,000
Average Carroll County Assessed Value
$347,000
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampstead, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21074 | $200,000 | $250,200 | $318,000 | $396,400 | $500,360 |
Source: Ownwell
Property Tax Bills Across Hampstead, Maryland
In Hampstead, Carroll County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $318,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is approximately $2,795, while the 75th percentile reaches around $4,189, and the 90th percentile can go up to $5,273. Several factors influence the property tax bill, including property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Hampstead's rates can lead to higher annual costs for homeowners, especially in certain zip codes like 21074, where the median tax bill is $3,369. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Hampstead Tax Bill
$3,369
Average Carroll County Tax Bill
$3,882
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampstead, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21074 | $2,272 | $2,795 | $3,369 | $4,189 | $5,273 |
Source: Ownwell