Deer Park, Maryland Property Taxes
The median property tax rate in Deer Park, MD is 1.73%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Deer Park at $30,600, the typical annual property tax bill reaches $529, which is significantly lower than the national median of $2,690. Property taxes in Deer Park 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 Deer Park'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 Deer Park or another part of Garrett County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Deer Park, 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 Deer Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deer Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deer Park 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 Deer Park, Maryland
Property taxes in Deer Park, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deer Park is 1.73%, significantly higher than the U.S. national median of 0.99%. Local government entities within Deer Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deer Park 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 Deer Park's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21550 zip code has the highest median property tax rate of 1.73%, while the 21550 zip code also has the lowest median tax rate of 1.73%. Understanding how these cities compare with Deer Park provides valuable insights into the varying tax landscape across Garrett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deer Park Tax Rate
1.73%
Average Garrett County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deer Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21550 | 1.73% | 1.73% | 1.73% | 1.73% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Deer Park, Maryland
In Deer Park, 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 Garrett County assessment office 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 Deer Park, 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. For instance, the median home price in Deer Park is $30,600, and the median tax bill is $529, consistent across the 25th, 75th, and 90th percentiles. The highest and lowest median tax bills are both $529, found in the 21550 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Deer Park Assessed Value
$30,600
Average Garrett County Assessed Value
$165,700
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deer Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21550 | $30,600 | $30,600 | $30,600 | $30,600 | $30,600 |
Source: Ownwell
Property Tax Bills Across Deer Park, Maryland
In Deer Park, located in Garrett County, MD, property tax bills are calculated based on the assessed value of a home. The median home price in Deer Park stands at $30,600. Property taxes are determined by applying the local tax rate to the assessed value of the property. In this case, homeowners can expect a median tax bill of $529, which is consistent across various percentiles, including the 25th, 75th, and 90th percentiles. Factors that influence the tax bill include the assessed home value and the local tax rate. For comparison, the national median property tax rate is 0.99%. In Deer Park, the tax rate applied results in a relatively modest tax bill, especially when compared to higher-tax regions. For homeowners, this means that the cost of property taxes in Deer Park is predictable and relatively low, making it an attractive location for those looking to minimize their annual property tax expenses.
Average Deer Park Tax Bill
$529
Average Garrett County Tax Bill
$1,945
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Deer Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21550 | $529 | $529 | $529 | $529 | $529 |
Source: Ownwell