Brinklow, Maryland Property Taxes
The median property tax rate in Brinklow, MD is 1.16%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Brinklow at $637,200, the typical annual property tax bill reaches $7,303, significantly exceeding the national median of $2,690. Property taxes in Brinklow 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 Brinklow'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 Brinklow 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
Brinklow, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$7,392
Ownwell’s Brinklow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brinklow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brinklow 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 Montgomery County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Brinklow, Maryland
Property taxes in Brinklow, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brinklow is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Brinklow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brinklow 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 Brinklow's effective property tax rate to other areas in Montgomery County and the national median. For comparison, the zip code 20862 has the highest median property tax rate of 1.16%, while it also has the lowest median tax rate of 1.16%. Understanding how these areas compare with Brinklow 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 Brinklow Tax Rate
1.16%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brinklow, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20862 | 0.98% | 1.13% | 1.16% | 1.16% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Brinklow, Maryland
In Brinklow, 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 Brinklow, 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. The median home price in Brinklow is $637,200, with tax bills ranging from $6,046 at the 25th percentile to $11,605 at the 90th percentile. The zip code 20862 has both the highest and lowest median tax bill at $7,303. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brinklow Assessed Value
$637,200
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 Brinklow, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20862 | $399,300 | $527,700 | $637,200 | $783,800 | $1,014,320 |
Source: Ownwell
Property Tax Bills Across Brinklow, Maryland
In Brinklow, Montgomery County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local property assessor. Homeowners in Brinklow experience property tax rates that can vary significantly depending on the assessed value of their property. The median home price in Brinklow is $637,200, which serves as a benchmark for calculating property taxes. The tax bill for a property in Brinklow can range widely. For instance, homeowners in the 25th percentile pay around $6,046 annually, while those in the 75th percentile face a tax bill of approximately $9,404. At the higher end, in the 90th percentile, the tax bill can reach up to $11,605. These figures highlight the significant impact of property value on the tax amount. Compared to the national median property tax rate of 0.99%, Montgomery County's property taxes are relatively high, influencing the overall cost of homeownership. Homeowners must factor in these taxes when budgeting for their annual expenses, as they can represent a substantial financial commitment.
Average Brinklow Tax Bill
$7,303
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Brinklow, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20862 | $4,409 | $6,046 | $7,303 | $9,404 | $11,605 |
Source: Ownwell