Clarksburg, Maryland Property Taxes
The median property tax rate in Clarksburg, MD is 1.06%, matching the state median but still higher than the national median of 0.99%. With the median home value in Clarksburg at $495,500, the typical annual property tax bill reaches $5,597, significantly exceeding the national median of $2,690. Property taxes in Clarksburg 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 Clarksburg'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 Clarksburg 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
Clarksburg, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$5,252
Ownwell’s Clarksburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clarksburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clarksburg 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 Clarksburg, Maryland
Property taxes in Clarksburg, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clarksburg is 1.06%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Clarksburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clarksburg 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 Clarksburg's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20871 zip code has the highest median property tax rate of 1.06%, while the 20871 zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Clarksburg 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 Clarksburg Tax Rate
1.06%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clarksburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20871 | 0.89% | 1.03% | 1.06% | 1.17% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Clarksburg, Maryland
In Clarksburg, 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 Department of Finance 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 Clarksburg, 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. For instance, the median home price in Clarksburg is $495,500. The annual property tax bills can vary significantly, with the 25th percentile at $4,137 and the 75th percentile at $7,222. 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 Clarksburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Clarksburg Assessed Value
$495,500
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 Clarksburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20871 | $154,000 | $390,200 | $495,500 | $649,000 | $768,920 |
Source: Ownwell
Property Tax Bills Across Clarksburg, Maryland
In Clarksburg, Montgomery 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 Clarksburg stands at $495,500. Homeowners can expect their tax bills to vary significantly, with the 25th percentile paying around $4,137, while those in the 75th percentile see bills closer to $7,222, and the 90th percentile reaching up to $8,671. These figures reflect the impact of home values and local tax rates on individual tax bills. The local tax rate is applied to the assessed value of the property, which may differ from its market value. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. For homeowners, understanding these elements is crucial, as they directly affect the annual property tax bill. Compared to the national median property tax rate of 0.99%, Clarksburg's property tax bills indicate a higher financial responsibility for homeowners, emphasizing the need for careful financial planning and awareness.
Average Clarksburg Tax Bill
$5,597
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Clarksburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20871 | $1,730 | $4,137 | $5,597 | $7,222 | $8,671 |
Source: Ownwell