Swanton, Maryland Property Taxes
The median property tax rate in Swanton, MD is 0.95%, which is lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $357,900 in Swanton, the typical annual property tax bill amounts to $3,423, surpassing the national median of $2,690. Property taxes in Swanton are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Swanton'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 Swanton or another part of Garrett County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Swanton, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$3,400
Ownwell’s Swanton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swanton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swanton 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 Swanton, Maryland
Property taxes in Swanton, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swanton is 0.95%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Swanton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swanton 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 Swanton's effective property tax rate to other areas in Garrett County and the national median. For comparison, the 21561 zip code has the highest median property tax rate of 0.95%, while the 21561 zip code also has the lowest median tax rate of 0.95%. Understanding how these areas compare with Swanton 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 Swanton Tax Rate
0.95%
Average Garrett County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swanton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21561 | 0.81% | 0.88% | 0.95% | 1.16% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Swanton, Maryland
In Swanton, 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. 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 Swanton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21561 has both the highest and lowest median tax bill at $3,423.
Average Swanton Assessed Value
$357,900
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 Swanton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21561 | $59,220 | $130,300 | $357,900 | $719,150 | $1,184,380 |
Source: Ownwell
Property Tax Bills Across Swanton, Maryland
In Swanton, located in Garrett County, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Swanton is $357,900. Homeowners in the area experience a range of property tax bills, with the 25th percentile at $1,560 and the 75th percentile reaching $6,795. For those in the 90th percentile, tax bills can go up to $10,488. These amounts are influenced by the assessed value of the property, which is determined by local assessors. Factors such as property size, location, and market conditions play a significant role in determining this value. Compared to the national median property tax rate of 0.99%, Swanton's tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Swanton Tax Bill
$3,423
Average Garrett County Tax Bill
$1,945
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Swanton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21561 | $813 | $1,560 | $3,423 | $6,795 | $10,488 |
Source: Ownwell