Galesville, Maryland Property Taxes
The median property tax rate in Galesville, MD is 1.01%, slightly higher than the national median of 0.99% but below the Maryland state median of 1.06%. With the median home value in Galesville at $399,200, the typical annual property tax bill reaches $4,092, surpassing the national median of $2,690. Property taxes in Galesville 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 Galesville'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 Galesville or another part of Anne Arundel County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Galesville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$4,032
Ownwell’s Galesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galesville 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 Galesville, Maryland
Property taxes in Galesville, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galesville is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Galesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galesville 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 Galesville's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20765 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Galesville provides valuable insights into the varying tax landscape across Anne Arundel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galesville Tax Rate
1.01%
Average Anne Arundel County Tax Rate
0.97%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galesville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20765 | 0.70% | 0.80% | 1.01% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Galesville, Maryland
In Galesville, 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 Anne Arundel 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 Galesville, 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 instance, the median home price in Galesville is $399,200, with annual tax bills ranging from $3,130 at the 25th percentile to $7,867 at the 90th percentile. The zip code 20765 has both the highest and lowest median tax bill at $4,092. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Galesville, Maryland
Source: Ownwell
$224,750
$1,053,975
$1,883,200
Average Galesville Assessed Value
$399,200
Average Anne Arundel County Assessed Value
$376,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galesville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20765 | $297,880 | $347,200 | $399,200 | $593,050 | $781,600 |
Source: Ownwell
Property Tax Bills Across Galesville, Maryland
In Galesville, located in Anne Arundel 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 this area is $399,200. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $3,130 and the 75th percentile reaching $6,018. The highest median tax bill in the area is $4,092, which is consistent across the 20765 zip code. To determine the tax bill, the county assesses the property's market value and applies the relevant tax rate. Factors such as property size, location, and improvements can influence the assessed value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Compared to the national median property tax rate of 0.99%, the property tax rate in Galesville may seem higher, impacting homeowners' yearly expenses. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Galesville Tax Bill
$4,092
Average Anne Arundel County Tax Bill
$3,553
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Galesville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20765 | $2,501 | $3,130 | $4,092 | $6,018 | $7,867 |
Source: Ownwell