Mc Henry, Maryland Property Taxes
The median property tax rate in MC Henry, MD is 1.34%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in MC Henry at $335,000, the typical annual property tax bill reaches $4,211, exceeding the national median of $2,690. Property taxes in MC Henry 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 MC Henry'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 MC Henry 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
Mc Henry, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$4,489
Ownwell’s MC HENRY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC HENRY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC HENRY 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 Mc Henry, Maryland
Property taxes in MC HENRY, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC HENRY is 1.34%, significantly higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within MC HENRY set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC HENRY 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 MC HENRY's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21541 zip code has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with MC HENRY provides valuable insights into the varying tax landscape across Garrett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Henry Tax Rate
1.34%
Average Garrett County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Henry, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21541 | 1.18% | 1.19% | 1.34% | 1.34% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Mc Henry, Maryland
In McHenry, 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 Garrett 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 McHenry, 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 McHenry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4,211 in the 21541 zip code, the same as the lowest median tax bill, reflecting uniformity in property tax assessments.
Average Mc Henry Assessed Value
$335,000
Average Garrett County Assessed Value
$165,700
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Henry, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21541 | $129,340 | $200,000 | $335,000 | $558,150 | $811,960 |
Source: Ownwell
Property Tax Bills Across Mc Henry, Maryland
In McHenry, MD, property tax bills are calculated based on the assessed value of the property, which is determined by the county's assessment office. The median home price in McHenry is $335,000. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and market conditions can influence the assessed value. Homeowners in McHenry can expect their tax bills to vary significantly. The 25th percentile tax bill is $2,666, while the 75th percentile tax bill rises to $7,191. At the 90th percentile, tax bills can reach $10,145. These figures highlight the range of property tax obligations homeowners might face, depending on their property's assessed value and specific circumstances. Comparatively, McHenry's property tax rates are higher than the national median property tax rate of 0.99%. This means that homeowners in McHenry might pay more in property taxes than the average American homeowner, impacting their overall cost of living and financial planning.
Average Mc Henry Tax Bill
$4,211
Average Garrett County Tax Bill
$1,945
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Henry, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21541 | $1,524 | $2,666 | $4,211 | $7,191 | $10,145 |
Source: Ownwell