Edgewood, Maryland Property Taxes
The median property tax rate in Edgewood, MD is 1.05%, slightly higher than the national median of 0.99% but just below the Maryland state median of 1.06%. With a median home value of $164,500 in Edgewood, the typical annual property tax bill amounts to $1,681, which is lower than the national median of $2,690. Property taxes in Edgewood are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Edgewood'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 Edgewood or another part of Harford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Edgewood, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,727
Ownwell’s Edgewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgewood 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 Edgewood, Maryland
Property taxes in Edgewood, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edgewood is 1.05%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Edgewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edgewood 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 Edgewood's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21040 zip code has both the highest and lowest median property tax rate of 1.05%. Understanding how these cities compare with Edgewood provides valuable insights into the varying tax landscape across Harford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Edgewood Tax Rate
1.05%
Average Harford County Tax Rate
0.99%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edgewood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21040 | 0.99% | 1.04% | 1.05% | 1.06% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Edgewood, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Edgewood, Maryland. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Harford 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 Edgewood, 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 Edgewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Edgewood, the zip code with the highest median tax bill is 21040, with a median tax bill of $1681.
Average Edgewood Assessed Value
$164,500
Average Harford County Assessed Value
$279,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Edgewood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21040 | $55,700 | $127,500 | $164,500 | $204,475 | $254,100 |
Source: Ownwell
Property Tax Bills Across Edgewood, Maryland
In Edgewood, located in Harford County, MD, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. For instance, the median home price in Edgewood is $164,500. The property tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Edgewood can expect to pay different amounts depending on their property's assessed value. For example, the 25th percentile tax bill is $1,336, while the 75th percentile tax bill is $2,109, and the 90th percentile tax bill can go up to $2,659. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Edgewood's rates can be considered moderate, ensuring essential community services are adequately funded.
Average Edgewood Tax Bill
$1,681
Average Harford County Tax Bill
$2,716
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Edgewood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21040 | $579 | $1,336 | $1,681 | $2,109 | $2,659 |
Source: Ownwell