Brookeville, Maryland Property Taxes
The median property tax rate in Brookeville, MD is 1.11%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Brookeville at $598,200, the typical annual property tax bill reaches $6,440, exceeding the national median of $2,690. Property taxes in Brookeville 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 Brookeville'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 Brookeville 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
Brookeville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$6,640
Ownwell’s Brookeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brookeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookeville 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 Brookeville, Maryland
Property taxes in Brookeville, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookeville is 1.11%, which is higher than the U.S. national median of 0.99%. Local government entities within Brookeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookeville 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 Brookeville's effective property tax rate to other areas in Montgomery County and the national median. For comparison, the 20882 zip code has the highest median property tax rate of 1.15%, while the 20833 zip code has the lowest median tax rate of 1.11%. Understanding how these areas compare with Brookeville 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 Brookeville Tax Rate
1.11%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookeville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20833 | 0.92% | 0.98% | 1.11% | 1.16% | 1.29% |
| 20882 | 1.11% | 1.15% | 1.15% | 1.23% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Brookeville, Maryland
In Brookeville, 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. Assessment notices in Brookeville 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 Brookeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $9,796 in zip code 20882, while the lowest is $6,405 in zip code 20833.
Property Tax Assessment Values Across Brookeville, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Brookeville Assessed Value
$598,200
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 Brookeville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20833 | $419,680 | $502,100 | $595,500 | $708,850 | $833,740 |
| 20882 | $685,800 | $726,200 | $779,100 | $883,400 | $970,060 |
Source: Ownwell
Property Tax Bills Across Brookeville, Maryland
In Brookeville, Montgomery County, MD, property tax bills are determined based on the assessed value of the property. The county assesses properties annually to establish their market value. The tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. For homeowners in Brookeville, the median home price is $598,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $5,081 and the 75th percentile at $8,203. The 90th percentile tax bill reaches $9,972. This variation highlights how different factors such as property improvements and neighborhood developments can impact the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Brookeville residents may find their property taxes relatively high, reflecting the area's property values and local tax rates. This can significantly affect homeowners' annual expenses and should be a key consideration when budgeting for homeownership in the area.
Average Brookeville Tax Bill
$6,440
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookeville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20833 | $4,149 | $5,070 | $6,405 | $8,129 | $9,840 |
| 20882 | $8,039 | $8,607 | $9,796 | $10,271 | $11,962 |
Source: Ownwell