Midland, Maryland Property Taxes
The median property tax rate in Midland, MD is 0.94%, slightly below both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Midland being $71,100, the typical annual property tax bill reaches $676, significantly lower than the national median of $2,690. Property taxes in Midland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Midland'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 Midland 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
Midland, 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 Midland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midland 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 Midland, Maryland
Property taxes in Midland, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midland is 0.94%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Midland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midland 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 Midland's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21542 zip code has the highest median property tax rate of 0.94%, while the same 21542 zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Midland 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 Midland Tax Rate
0.94%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21542 | 0.85% | 0.88% | 0.94% | 0.99% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Midland, Maryland
In Midland, 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 Midland, 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 Midland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Midland is $71,100, with tax bills ranging from $504 at the 25th percentile to $1,660 at the 90th percentile. Notably, the highest and lowest median tax bills are both found in the 21542 zip code, amounting to $676.
Average Midland Assessed Value
$71,100
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 Midland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21542 | $26,940 | $47,400 | $71,100 | $108,000 | $174,180 |
Source: Ownwell
Property Tax Bills Across Midland, Maryland
In Midland, located in Allegany County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The median home price in Midland is $71,100, and the property tax rate is applied to this value to calculate the tax bill. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. Homeowners in Midland can expect a range of property tax bills. At the 25th percentile, the tax bill is around $504, while at the 75th percentile, it is approximately $1,019. For those at the 90th percentile, the tax bill can reach up to $1,660. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how Midland's property tax rates stand in relation to the rest of the country. These tax bills impact homeowners by affecting their overall housing costs, influencing decisions on property ownership and investment.
Average Midland Tax Bill
$676
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Midland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21542 | $269 | $504 | $676 | $1,019 | $1,660 |
Source: Ownwell