Ellicott City, Maryland Property Taxes
The median property tax rate in Ellicott City, MD is 1.08%, which is higher than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $526,550 in Ellicott City, the typical annual property tax bill reaches $5,693, significantly exceeding the national median of $2,690. Property taxes in Ellicott City are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ellicott City'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 Ellicott City 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
Ellicott City, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$5,687
Ownwell’s Ellicott City Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate annual property taxes in Ellicott City. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate specific to Ellicott City to provide an estimate of your property tax bill. This helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Ellicott City, Maryland
Property taxes in Ellicott City, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ellicott City is 1.08%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Ellicott City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ellicott City 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 Ellicott City's effective property tax rate to other areas in Howard County and the national median. For comparison, the 21043 zip code has the highest median property tax rate of 1.10%, while the 21042 zip code has the lowest median tax rate of 1.05%. Understanding how these areas compare with Ellicott City provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ellicott City Tax Rate
1.08%
Average Howard County Tax Rate
1.04%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ellicott City, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21042 | 0.99% | 1.02% | 1.05% | 1.08% | 1.11% |
| 21043 | 1.04% | 1.07% | 1.10% | 1.12% | 1.13% |
| 21045 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Ellicott City, Maryland
In Ellicott City, 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 Howard County Assessment Office 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 Ellicott City, 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 Ellicott City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $6,240 in zip code 21042, while the lowest median tax bill is $5,022 in zip code 21043.
Property Tax Assessment Values Across Ellicott City, Maryland
Source: Ownwell
$289,100
$601,450
$913,800
Average Ellicott City Assessed Value
$526,550
Average Howard County Assessed Value
$465,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ellicott City, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21042 | $386,360 | $483,600 | $593,800 | $718,900 | $933,140 |
| 21043 | $243,100 | $345,800 | $456,100 | $574,200 | $694,190 |
| 21045 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Ellicott City, Maryland
In Ellicott City, located in Howard County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. Homeowners in Ellicott City experience property tax bills that can vary significantly. For instance, the 25th percentile tax bill is $4,411, while the 75th percentile tax bill reaches $6,992, and the 90th percentile tax bill can go up to $8,415. The median home price in the area is $526,550, which influences the overall tax bill. Comparatively, the national median property tax rate is 0.99%, but in Ellicott City, the property tax bills are notably higher. This variation affects homeowners by impacting their annual financial planning and the overall affordability of homeownership in the region. Notably, the highest median tax bill in the area is $6,240 in the 21042 zip code, while the lowest is $5,022 in the 21043 zip code.
Average Ellicott City Tax Bill
$5,693
Average Howard County Tax Bill
$4,834
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Ellicott City, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21042 | $4,258 | $5,172 | $6,240 | $7,566 | $9,574 |
| 21043 | $3,058 | $3,826 | $5,022 | $6,361 | $7,613 |
| 21045 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell