Luke, Maryland Property Taxes
The median property tax rate in Luke, MD is 0.84%, which is notably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Luke at $28,400, the typical annual property tax bill is around $227, significantly below the national median of $2,690. Property taxes in Luke are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Familiarizing yourself with Luke's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're located in the heart of Luke or another part of Allegany County, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Luke, 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 Luke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luke 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 Luke, Maryland
Property taxes in Luke, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luke is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Luke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luke 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 Luke's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21540 has both the highest and lowest median property tax rate of 0.84%. Understanding how these areas compare with Luke 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 Luke Tax Rate
0.84%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luke, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21540 | 0.72% | 0.77% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Luke, Maryland
In Luke, 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 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 Luke, 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 Luke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21540 has the highest median tax bill of $227, which is the same as the lowest median tax bill in the area.
Average Luke Assessed Value
$28,400
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 Luke, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21540 | $23,060 | $25,900 | $28,400 | $39,850 | $73,840 |
Source: Ownwell
Property Tax Bills Across Luke, Maryland
In Luke, a city in Allegany County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. This assessment considers several factors, including the property's market value, location, and any improvements made. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Luke, the median home price is $28,400. Property tax bills vary significantly, with the 25th percentile tax bill at $210 and the 75th percentile at $334. At the higher end, the 90th percentile tax bill reaches $571. These variations highlight the differences in property values and assessments within the area. Compared to the national median property tax rate of 0.99%, Luke's property tax rate impacts homeowners differently based on their property's assessed value. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Luke Tax Bill
$227
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Luke, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21540 | $183 | $210 | $227 | $334 | $571 |
Source: Ownwell