Eckhart Mines, Maryland Property Taxes
The median property tax rate in Eckhart Mines, MD is 0.94%, slightly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Eckhart Mines at $57,200, the typical annual property tax bill is $586, significantly less than the national median of $2,690. Property taxes in Eckhart Mines are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Eckhart Mines' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Eckhart Mines 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
Eckhart Mines, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$538
Ownwell’s Eckhart Mines Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eckhart Mines with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eckhart Mines 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 Eckhart Mines, Maryland
Property taxes in Eckhart Mines, Maryland, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Eckhart Mines is 0.94%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Eckhart Mines set these rates annually, and they can vary across different neighborhoods. Each year, Eckhart Mines 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 Eckhart Mines' effective property tax rate to other areas in Allegany County and the national median. For comparison, the zip code 21528 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Eckhart Mines 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 Eckhart Mines Tax Rate
0.94%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eckhart Mines, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21528 | 0.90% | 0.92% | 0.94% | 1.03% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Eckhart Mines, Maryland
In Eckhart Mines, 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 Eckhart Mines, 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 Eckhart Mines helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $586, found in the 21528 zip code.
Average Eckhart Mines Assessed Value
$57,200
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 Eckhart Mines, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21528 | $21,700 | $43,950 | $57,200 | $93,500 | $133,660 |
Source: Ownwell
Property Tax Bills Across Eckhart Mines, Maryland
In Eckhart Mines, Allegany County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Eckhart Mines is $57,200. Homeowners in this area typically see a range of tax bills, with the 25th percentile at $413 and the 75th percentile at $858. Those at the 90th percentile may pay up to $1,279 annually. Several factors influence the assessed value, including the home's size, age, location, and condition. These property taxes fund essential public services such as schools, roads, and emergency services. Compared to the national median property tax rate of 0.99%, homeowners in Eckhart Mines often find their tax bills to be relatively modest, providing some financial relief while still contributing to their community's infrastructure and services.
Average Eckhart Mines Tax Bill
$586
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Eckhart Mines, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21528 | $228 | $413 | $586 | $858 | $1,279 |
Source: Ownwell