Oakland, Maryland Property Taxes
The median property tax rate in Oakland, MD is 1.09%, higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Oakland, the typical annual property tax bill reaches $1,898, which is below the national median of $2,690. Property taxes in Oakland are calculated based on the tax assessed value, generally lower than the market value due to exemptions like the primary residence exemption. Understanding Oakland'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 Oakland or another part of Garrett County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakland, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,782
Ownwell’s Oakland Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland to provide an estimate of your property tax bill. This valuable tool assists you in understanding potential tax liabilities. For those interested in neighborhood-level trends, simply scroll down to discover more localized information. Your property’s assessed value is the value assigned by Garrett County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Oakland, Maryland
Property taxes in Oakland, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 1.09%, higher than the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland'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 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Oakland 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 Oakland Tax Rate
1.09%
Average Garrett County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21550 | 0.88% | 0.99% | 1.09% | 1.24% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Maryland
In Oakland, 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 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 Oakland, 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Oakland are both found in the 21550 zip code, with a median tax bill of $1,898.
Average Oakland Assessed Value
$163,500
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 Oakland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21550 | $54,200 | $99,100 | $163,500 | $326,650 | $724,540 |
Source: Ownwell
Property Tax Bills Across Oakland, Maryland
In Oakland, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the Garrett County property assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Oakland, the median home price is $163,500. Property taxes can vary significantly, with the 25th percentile tax bill at $1,201 and the 75th percentile at $3,554. The 90th percentile tax bill reaches up to $6,915, reflecting the range of property values and corresponding tax obligations within the area. Several factors influence the tax bill, including the property's market value, any applicable exemptions, and local tax rates. Compared to the national median property tax rate of 0.99%, Oakland's rates and tax bills can provide a benchmark for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively. The highest and lowest median tax bills in Garrett County are both $1,898, indicating some consistency in tax rates across different areas within the county.
Average Oakland Tax Bill
$1,898
Average Garrett County Tax Bill
$1,945
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21550 | $672 | $1,201 | $1,898 | $3,554 | $6,915 |
Source: Ownwell