Cresaptown, Maryland Property Taxes
The median property tax rate in Cresaptown, MD is 0.95%, slightly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Cresaptown at $228,550, the typical annual property tax bill comes to $2,189, which is below the national median of $2,690. Property taxes in Cresaptown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Cresaptown'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 Cresaptown or another part of Allegany County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cresaptown, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$2,171
$2,015
Ownwell’s Cresaptown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cresaptown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cresaptown 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 Cresaptown, Maryland
Property taxes in Cresaptown, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cresaptown is 0.95%, slightly lower than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Cresaptown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cresaptown 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 Cresaptown's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21502 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Cresaptown provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cresaptown Tax Rate
0.95%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cresaptown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21502 | 0.91% | 0.94% | 0.95% | 1.05% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Cresaptown, Maryland
In Cresaptown, 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 Allegany 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 Cresaptown, 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 Cresaptown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in the area is $2,189, with the highest and lowest median tax bills both found in the 21502 zip code.
Average Cresaptown Assessed Value
$228,550
Average Allegany County Assessed Value
$102,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cresaptown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21502 | $70,850 | $165,650 | $228,550 | $281,125 | $374,950 |
Source: Ownwell
Property Tax Bills Across Cresaptown, Maryland
In Cresaptown, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Cresaptown, located in Allegany County, typically see property tax bills that vary significantly. For instance, the tax bill at the 25th percentile is $1,623, while at the 75th percentile, it rises to $2,813. The 90th percentile tax bill reaches $3,338, reflecting the higher-end properties in the area. The median home price in Cresaptown is $228,550, which influences the overall tax burden for homeowners. Compared to the national median property tax rate of 0.99%, Cresaptown's rates can be higher or lower depending on the specific property's assessed value and applicable exemptions. These tax bills impact homeowners by contributing to the cost of owning a home and influencing decisions related to property investments and maintenance. Understanding these factors helps homeowners anticipate and manage their annual financial obligations.
Average Cresaptown Tax Bill
$2,189
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Cresaptown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21502 | $684 | $1,623 | $2,189 | $2,813 | $3,338 |
Source: Ownwell