Lavale, Maryland Property Taxes
The median property tax rate in LaVale, MD is 1.05%, slightly higher than the national median of 0.99% but just below the Maryland state median of 1.06%. With a median home value of $192,050 in LaVale, the typical annual property tax bill amounts to $1,947, which is lower than the national median of $2,690. Property taxes in LaVale are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding LaVale'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 LaVale or another part of Allegany County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lavale, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s LaVale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LaVale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LaVale 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 Lavale, Maryland
Property taxes in LaVale, Maryland, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in LaVale is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within LaVale set these rates annually, and they can vary significantly across different neighborhoods. Each year, LaVale 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 LaVale's effective property tax rate to other areas in Allegany County and the national median. For comparison, the zip code 21502 has both the highest and lowest median property tax rates at 1.05%. Understanding how these areas compare with LaVale provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lavale Tax Rate
1.05%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lavale, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21502 | 1.01% | 1.01% | 1.05% | 1.06% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Lavale, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in LaVale, MD. 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 Allegany 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 LaVale, 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 LaVale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 21502, while the zip code with the lowest median tax bill is also 21502, both at $1,947.
Average Lavale Assessed Value
$192,050
Average Allegany County Assessed Value
$102,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lavale, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21502 | $56,580 | $108,825 | $192,050 | $210,725 | $256,460 |
Source: Ownwell
Property Tax Bills Across Lavale, Maryland
In LaVale, located in Allegany County, MD, property tax bills are calculated by multiplying the assessed value of a home by the local property tax rate. The assessed value is determined by the county assessor and represents a percentage of the market value of the property. Homeowners in LaVale typically face property tax bills that vary based on several factors, including the assessed value of their homes and the local tax rate. For instance, tax bills in the 25th percentile are around $1,124, while those in the 75th percentile reach approximately $2,158. The highest median tax bill in the area is $1,947, which is notably higher than the national median property tax rate of 0.99%. This variation in tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors is crucial for homeowners to anticipate their property tax obligations and manage their budgets effectively.
Average Lavale Tax Bill
$1,947
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Lavale, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21502 | $614 | $1,124 | $1,947 | $2,158 | $2,712 |
Source: Ownwell