Beallsville, Maryland Property Taxes
The median property tax rate in Beallsville, MD is 1.12%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Beallsville at $432,250, the typical annual property tax bill reaches $4,773, exceeding the national median of $2,690. Property taxes in Beallsville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Beallsville'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 Beallsville or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Beallsville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$4,841
Ownwell’s Beallsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beallsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beallsville 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 Beallsville, Maryland
Property taxes in Beallsville, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beallsville is 1.12%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Beallsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beallsville 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 Beallsville's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20839 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Beallsville provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beallsville Tax Rate
1.12%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beallsville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20839 | 0.91% | 1.06% | 1.12% | 1.18% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Beallsville, Maryland
In Beallsville, 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 Montgomery 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 Beallsville, 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 Beallsville 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 $4,773, found in zip code 20839.
Property Tax Assessment Values Across Beallsville, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Beallsville Assessed Value
$432,250
Average Montgomery County Assessed Value
$471,000
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beallsville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20839 | $312,630 | $370,350 | $432,250 | $586,100 | $758,520 |
Source: Ownwell
Property Tax Bills Across Beallsville, Maryland
In Beallsville, Montgomery 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 intended to reflect the market value of the property. Homeowners in Beallsville can expect a median property tax bill around $4,773, which is higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location, size, and any improvements made. For instance, homes in the 25th percentile have tax bills around $3,862, while those in the 75th percentile face bills closer to $6,794. High-value properties can see tax bills as steep as $8,240, placing a significant financial responsibility on homeowners. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Consequently, understanding how property tax bills are calculated and their impact on household budgets is crucial for homeowners in Beallsville.
Average Beallsville Tax Bill
$4,773
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Beallsville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20839 | $2,880 | $3,862 | $4,773 | $6,794 | $8,240 |
Source: Ownwell