Fallston, Maryland Property Taxes
The median property tax rate in Fallston, MD is 0.97%, slightly below the state median of 1.06% but close to the national median of 0.99%. With a median home value of $413,500, the typical annual property tax bill in Fallston reaches $3,947, significantly higher than the national median of $2,690. Property taxes in Fallston are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fallston’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 Fallston or another part of Harford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fallston, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$4,011
Ownwell’s Fallston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fallston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fallston 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 Fallston, Maryland
Property taxes in Fallston, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fallston is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Fallston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fallston 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 Fallston's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21047 has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Fallston provides valuable insights into the varying tax landscape across Harford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fallston Tax Rate
0.97%
Average Harford County Tax Rate
0.99%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fallston, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21047 | 0.81% | 0.93% | 0.97% | 1.01% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Fallston, Maryland
In Fallston, 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 Harford 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 Fallston, 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 Fallston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21047 has the highest and lowest median tax bill at $3,947, indicating a consistent tax landscape in the area.
Average Fallston Assessed Value
$413,500
Average Harford County Assessed Value
$279,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fallston, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21047 | $292,800 | $342,500 | $413,500 | $523,100 | $671,000 |
Source: Ownwell
Property Tax Bills Across Fallston, Maryland
In Fallston, Harford County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the property tax rate set by the county. For instance, the median home price in Fallston is $413,500. Homeowners in Fallston can expect their tax bills to vary significantly, with the 25th percentile at $3,219, the 75th percentile at $4,992, and the 90th percentile reaching $6,365. These tax bills are influenced by several factors, including changes in the assessed value of the property, local tax rates, and any applicable exemptions or deductions. For homeowners, understanding these factors is crucial, as property taxes can represent a significant annual expense. Compared to the national median property tax rate of 0.99%, Fallston's effective property tax rate is relatively high, reflecting the area's property values and local tax policies. This can impact homeowners' budgeting and financial planning.
Average Fallston Tax Bill
$3,947
Average Harford County Tax Bill
$2,716
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Fallston, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21047 | $2,613 | $3,219 | $3,947 | $4,992 | $6,365 |
Source: Ownwell