Laurel, Maryland Property Taxes
The median property tax rate in Laurel, MD is 0.94%, which is slightly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Laurel at $464,700, the typical annual property tax bill reaches $4,469, significantly surpassing the national median of $2,690. Property taxes in Laurel are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Laurel'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 Laurel or another part of Howard County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$4,368
Ownwell’s Laurel Property Tax Bill Calculator is a powerful tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Laurel with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Laurel to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities and plan accordingly. For those interested in more detailed information, trends on a neighborhood level are available further down the page. Your property’s assessed value, determined by Howard County, forms the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Laurel, Maryland
Property taxes in Laurel, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 0.94%, slightly lower than the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20723 zip code has the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Laurel 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 Laurel Tax Rate
0.94%
Average Howard County Tax Rate
1.04%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20723 | 0.84% | 0.90% | 0.94% | 0.97% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Maryland
In Laurel, 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 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 Laurel, 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. The median home price in Laurel is $464,700, with tax bills ranging from $3,222 at the 25th percentile to $6,761 at the 90th percentile. The zip code 20723 has the highest and lowest median tax bills, both at $4,469. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laurel Assessed Value
$464,700
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 Laurel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20723 | $216,600 | $331,700 | $464,700 | $609,300 | $738,140 |
Source: Ownwell
Property Tax Bills Across Laurel, Maryland
In Laurel, located in Howard 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 this area is $464,700, and property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as the property's market value, location, and any applicable exemptions or deductions play a crucial role in determining the final tax amount. Homeowners in Laurel can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $3,222, while at the 75th percentile, it rises to $5,651. At the 90th percentile, the tax bill can reach up to $6,761. The highest and lowest median tax bills in the area are both $4,469, indicating a relatively consistent tax landscape within the zip code 20723. Compared to the national median property tax rate of 0.99%, Laurel's property taxes can present a higher financial burden for homeowners, making it essential to understand the factors that influence these costs.
Average Laurel Tax Bill
$4,469
Average Howard County Tax Bill
$4,834
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20723 | $2,063 | $3,222 | $4,469 | $5,651 | $6,761 |
Source: Ownwell