West Friendship, Maryland Property Taxes
The median property tax rate in West Friendship, MD is 1.05%, slightly higher than the national median of 0.99% but just below Maryland's state median of 1.06%. With the median home value in West Friendship at $734,050, the typical annual property tax bill reaches $7,743, significantly surpassing the national median of $2,690. Property taxes in West Friendship are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding West Friendship'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 West Friendship 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
West Friendship, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$7,708
Ownwell’s West Friendship Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Friendship with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Friendship 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 West Friendship, Maryland
Property taxes in West Friendship, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Friendship is 1.05%, higher than both the Maryland state median of 1.02% and the U.S. national median of 0.99%. Local government entities within West Friendship set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Friendship 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 West Friendship's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21794 zip code has both the highest and lowest median property tax rate of 1.05%. Understanding how these cities compare with West Friendship 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 West Friendship Tax Rate
1.05%
Average Howard County Tax Rate
1.04%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Friendship, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21794 | 0.89% | 1.02% | 1.05% | 1.09% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across West Friendship, Maryland
In West Friendship, 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 West Friendship, 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 West Friendship helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $7,743, found in the 21794 zip code.
Property Tax Assessment Values Across West Friendship, Maryland
Source: Ownwell
$289,100
$601,450
$913,800
Average West Friendship Assessed Value
$734,050
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 West Friendship, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21794 | $454,710 | $609,725 | $734,050 | $921,225 | $1,090,730 |
Source: Ownwell
Property Tax Bills Across West Friendship, Maryland
In West Friendship, 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 West Friendship is $734,050, and the property tax rate is a crucial factor in determining the annual tax bill. Homeowners in this area typically see tax bills ranging from $6,343 at the 25th percentile to $11,403 at the 90th percentile. The local property tax rate in Howard County directly influences these figures. This rate is applied to the assessed value of the property, which is determined by local authorities. Factors such as the property's location, size, and market conditions are considered during the assessment. Compared to the national median property tax rate of 0.99%, West Friendship's tax bills reflect the higher property values in the area. Homeowners need to account for these taxes when budgeting for homeownership, as they significantly impact annual expenses. Understanding how these factors interplay can help residents better manage their financial planning.
Average West Friendship Tax Bill
$7,743
Average Howard County Tax Bill
$4,834
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across West Friendship, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21794 | $4,987 | $6,343 | $7,743 | $9,718 | $11,403 |
Source: Ownwell