Rockville, Maryland Property Taxes
The median property tax rate in Rockville, MD is 1.17%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Rockville at $488,200, the typical annual property tax bill reaches $5,813, exceeding the national median of $2,690. Property taxes in Rockville 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 Rockville'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 Rockville 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
Rockville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$5,712
Ownwell’s Rockville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockville 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 Rockville, Maryland
Property taxes in Rockville, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockville is 1.17%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Rockville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockville 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 Rockville's effective property tax rate to other areas in Maryland and the national median. For comparison, the 20851 zip code has the highest median property tax rate of 1.32%, while the 20853 zip code has the lowest median tax rate of 1.01%. Understanding how these areas compare with Rockville 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 Rockville Tax Rate
1.17%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20817 | N/A | N/A | N/A | N/A | N/A |
| 20850 | 1.06% | 1.14% | 1.28% | 1.34% | 1.50% |
| 20851 | 1.18% | 1.32% | 1.32% | 1.52% | 1.70% |
| 20852 | 0.87% | 1.03% | 1.14% | 1.22% | 1.34% |
| 20853 | 0.84% | 0.97% | 1.01% | 1.13% | 1.29% |
| 20854 | N/A | N/A | N/A | N/A | N/A |
| 20855 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Rockville, Maryland
In Rockville, 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 Rockville, 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. For example, the highest median tax bill in Rockville is $7,198 in the 20850 zip code, while the lowest is $5,258 in the 20851 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockville Assessed Value
$488,200
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 Rockville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20817 | N/A | N/A | N/A | N/A | N/A |
| 20850 | $230,000 | $360,000 | $561,300 | $694,100 | $921,700 |
| 20851 | $317,050 | $347,300 | $372,950 | $406,850 | $456,800 |
| 20852 | $185,000 | $303,000 | $467,600 | $719,200 | $954,960 |
| 20853 | $390,500 | $438,200 | $518,700 | $647,650 | $786,600 |
| 20854 | N/A | N/A | N/A | N/A | N/A |
| 20855 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Rockville, Maryland
In Rockville, Montgomery County, MD, property tax bills are calculated based on the assessed value of a home. The local government determines this assessed value, which may not always align with the market value. Homeowners in Rockville can expect their property tax bills to vary significantly depending on the value of their property. Factors such as the home's location within specific zip codes can also influence the tax bill. For instance, the highest median tax bill in Rockville's 20850 zip code is $7,198, whereas the lowest in the 20851 zip code is $5,258. The tax bill's impact on homeowners can be substantial. For example, the median home price in Rockville is $488,200, and the tax bills range considerably, with the 25th percentile at $4,275 and the 75th percentile at $8,034. This variability can affect homeowners' financial planning and budgeting. Compared to the national median property tax rate of 0.99%, Rockville's property tax rates are relatively higher, reflecting the region's specific economic and administrative factors.
Average Rockville Tax Bill
$5,813
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20817 | N/A | N/A | N/A | N/A | N/A |
| 20850 | $2,679 | $4,772 | $7,198 | $9,072 | $11,392 |
| 20851 | $4,069 | $4,670 | $5,258 | $5,981 | $6,655 |
| 20852 | $1,952 | $3,294 | $5,446 | $8,321 | $11,052 |
| 20853 | $3,642 | $4,548 | $5,499 | $6,613 | $8,012 |
| 20854 | N/A | N/A | N/A | N/A | N/A |
| 20855 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell