Jessup, Maryland Property Taxes
The median property tax rate in Jessup, MD is 0.93%, slightly below the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $376,600 in Jessup, the typical annual property tax bill amounts to $3,536, which surpasses the national median of $2,690. Property taxes in Jessup are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Jessup'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 Jessup or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jessup, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$3,502
Ownwell’s Jessup Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jessup with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jessup 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 Jessup, Maryland
Property taxes in Jessup, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jessup is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Jessup set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jessup 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 Jessup's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20794 zip code has the highest median property tax rate of 0.93%, while the same 20794 zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Jessup provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jessup Tax Rate
0.93%
Average Howard County Tax Rate
1.04%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jessup, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20794 | 0.88% | 0.90% | 0.93% | 0.98% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Jessup, Maryland
In Jessup, 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 Howard 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 Jessup, 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 Jessup helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Jessup are both $3,536, found in zip code 20794.
Average Jessup Assessed Value
$376,600
Average Howard County Assessed Value
$465,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jessup, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20794 | $282,780 | $311,750 | $376,600 | $468,100 | $562,880 |
Source: Ownwell
Property Tax Bills Across Jessup, Maryland
In Jessup, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the Howard County tax assessor and is used to calculate the property tax bill. Homeowners in Jessup can expect their tax bills to vary depending on the assessed value of their property and the tax rate set by the county. For instance, the median home price in Jessup is $376,600, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile can expect a tax bill around $3,057, while those in the 75th percentile might see bills closer to $4,254. At the 90th percentile, tax bills can reach up to $5,135. The highest and lowest median tax bills in Jessup are both $3,536, which is above the national median property tax rate of 0.99%. These tax bills significantly impact homeowners by influencing their annual housing costs and overall financial planning.
Average Jessup Tax Bill
$3,536
Average Howard County Tax Bill
$4,834
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Jessup, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20794 | $2,820 | $3,057 | $3,536 | $4,254 | $5,135 |
Source: Ownwell