Frostburg, Allegany County, Maryland Property Taxes
The median property tax rate in Frostburg, MD is 0.89%, lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $126,000 in Frostburg, the typical annual property tax bill is around $1,115, which is less than the national median of $2,690. Property taxes in Frostburg are based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Frostburg'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 Frostburg or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frostburg, Allegany County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,121
$1,041
Ownwell’s Frostburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frostburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frostburg 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 Frostburg, Allegany County, Maryland
Property taxes in Frostburg, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frostburg is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Frostburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frostburg 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 Frostburg's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21532 zip code has both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with Frostburg 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 Frostburg Tax Rate
0.89%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frostburg, Allegany County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21532 | 0.81% | 0.85% | 0.89% | 0.93% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Frostburg, Allegany County, Maryland
In Frostburg, 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 Frostburg, 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. Notably, the highest and lowest median tax bills in Frostburg are both $1,115, found in the 21532 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Frostburg, Allegany County, Maryland
Source: Ownwell
$28,400
$110,225
$192,050
Average Frostburg Assessed Value
$126,000
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 Frostburg, Allegany County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21532 | $67,530 | $90,600 | $126,000 | $184,600 | $258,500 |
Source: Ownwell
Property Tax Bills Across Frostburg, Allegany County, Maryland
In Frostburg, 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 assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For homeowners in Frostburg, the median home price is $126,000. The property tax rate in Allegany County is applied to this assessed value to determine the tax bill. Factors such as property location, home size, and market conditions influence the assessed value, which in turn affects the tax bill. Homeowners in Frostburg can expect tax bills to vary significantly, with the 25th percentile tax bill at $795 and the 75th percentile tax bill reaching $1,661. At the 90th percentile, tax bills can be as high as $2,301. The highest and lowest median tax bills in the area are both $1,115, reflecting a relatively stable tax environment. These property taxes impact homeowners by influencing their overall housing costs and potentially affecting their financial planning.
Average Frostburg Tax Bill
$1,115
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Frostburg, Allegany County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21532 | $607 | $795 | $1,115 | $1,661 | $2,301 |
Source: Ownwell