Thurmont, Maryland Property Taxes
The median property tax rate in Thurmont, MD is 1.29%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Thurmont, the typical annual property tax bill reaches $3,267, exceeding the national median of $2,690. Property taxes in Thurmont 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 Thurmont'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 Thurmont 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
Thurmont, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$3,177
Ownwell’s Thurmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thurmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thurmont 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 Thurmont, Maryland
Property taxes in Thurmont, Maryland, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Thurmont is 1.29%, higher than the U.S. national median of 0.99%. Local government entities within Thurmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thurmont 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 Thurmont's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21788 zip code has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Thurmont provides valuable insights into the varying tax landscape across Frederick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thurmont Tax Rate
1.29%
Average Frederick County Tax Rate
1.20%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thurmont, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21788 | 0.98% | 1.20% | 1.29% | 1.53% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Thurmont, Maryland
In Thurmont, 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 Frederick 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 Thurmont, 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. For instance, the median home price in Thurmont is $246,250, with tax bills ranging from $2,585 at the 25th percentile to $5,127 at the 90th percentile. Both the highest and lowest median tax bills in Thurmont are $3,267, found in the 21788 zip code. 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 Thurmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thurmont Assessed Value
$246,250
Average Frederick County Assessed Value
$362,500
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thurmont, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21788 | $160,290 | $190,100 | $246,250 | $320,575 | $425,970 |
Source: Ownwell
Property Tax Bills Across Thurmont, Maryland
In Thurmont, 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 tax bill. For homeowners in Thurmont, the median home price is $246,250. Factors that influence the tax bill include the home's location, size, and any improvements or renovations that may increase its value. For example, homeowners in the 25th percentile can expect to pay around $2,585 annually, while those in the 75th percentile may see bills closer to $4,184. The highest tax bills, found in the 90th percentile, can reach up to $5,127. Compared to the national median property tax rate of 0.99%, Thurmont's rates reflect the local economic conditions and public service needs. These property tax bills significantly impact homeowners by contributing to the funding of essential services such as schools, public safety, and infrastructure, thereby affecting the overall quality of life in the community.
Average Thurmont Tax Bill
$3,267
Average Frederick County Tax Bill
$4,509
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Thurmont, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21788 | $2,048 | $2,585 | $3,267 | $4,184 | $5,127 |
Source: Ownwell