Faulkner, Maryland Property Taxes
The median property tax rate in Faulkner, MD is 1.44%, considerably higher than both the national median of 0.99% and Maryland's state median of 1.06%. With the median home value in Faulkner at $336,000, the typical annual property tax bill reaches $4,730, significantly exceeding the national median of $2,690. Property taxes in Faulkner 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 Faulkner'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 Faulkner 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
Faulkner, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$4,838
Ownwell’s FAULKNER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FAULKNER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FAULKNER 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 Faulkner, Maryland
Property taxes in Faulkner, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Faulkner is 1.44%, significantly higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Faulkner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Faulkner 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 Faulkner's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20632 zip code has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Faulkner provides valuable insights into the varying tax landscape across Charles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Faulkner Tax Rate
1.44%
Average Charles County Tax Rate
1.34%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Faulkner, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20632 | 1.38% | 1.41% | 1.44% | 1.49% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Faulkner, Maryland
In Faulkner, 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 Charles 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 Faulkner, 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 Faulkner helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Faulkner is 20632, with a value of $4,730, while the lowest is also in 20632, showing the consistency in tax burdens across the area.
Average Faulkner Assessed Value
$336,000
Average Charles County Assessed Value
$334,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Faulkner, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20632 | $202,100 | $244,625 | $336,000 | $420,375 | $492,650 |
Source: Ownwell
Property Tax Bills Across Faulkner, Maryland
In Faulkner, Charles County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The tax rate is then applied to this assessed value to determine the annual property tax bill. For a home with a median price of $336,000, the property tax rate is applied to this value to calculate the tax bill. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Faulkner can expect a range of property tax bills. For instance, those in the 25th percentile pay around $3,507, while those in the 75th percentile face bills of approximately $6,413. The highest tax bills, at the 90th percentile, can reach up to $7,973. Comparing this to the national median property tax rate of 0.99%, Faulkner's property tax rates can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Faulkner Tax Bill
$4,730
Average Charles County Tax Bill
$4,464
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Faulkner, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20632 | $2,710 | $3,507 | $4,730 | $6,413 | $7,973 |
Source: Ownwell