Mccoole, Maryland Property Taxes
The median property tax rate in McCoole, MD is 0.94%, slightly below the Maryland state median of 1.06% and the national median of 0.99%. With the median home value in McCoole at $66,600, the typical annual property tax bill amounts to $624, which is significantly lower than the national median of $2,690. Property taxes in McCoole are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding McCoole'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 McCoole 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
Mccoole, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$626
$581
Ownwell’s McCoole Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in McCoole with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in McCoole to predict your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular insights, you can scroll down to find neighborhood-specific information. Your property’s assessed value is determined by Allegany County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mccoole, Maryland
Property taxes in McCoole, Maryland, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in McCoole is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities in McCoole set these rates annually, and they can vary across different neighborhoods. Each year, McCoole 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 McCoole's effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 21562 has the highest median property tax rate of 0.94%, while the lowest median tax rate is also in the same zip code at 0.94%. Understanding how these areas compare with McCoole 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 Mccoole 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 Mccoole, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21562 | 0.89% | 0.92% | 0.94% | 0.97% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Mccoole, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in McCoole, Maryland. 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 McCoole, 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. The median home price in McCoole is $66,600, with tax bills ranging from $369 at the 25th percentile to $809 at the 90th percentile. The zip code 21562 has both the highest and lowest median tax bill, at $624. Being aware of these valuation processes in McCoole helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mccoole Assessed Value
$66,600
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 Mccoole, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21562 | $23,480 | $38,525 | $66,600 | $83,125 | $90,820 |
Source: Ownwell
Property Tax Bills Across Mccoole, Maryland
In McCoole, located in Allegany County, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. For a median home price of $66,600, homeowners in McCoole can expect their tax bill to vary significantly. The tax bill for the 25th percentile is around $369, while those in the 75th percentile pay approximately $724. Homeowners in the 90th percentile face a tax bill of about $809. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, McCoole's property taxes are relatively modest, making it an attractive place for homeowners looking for lower property tax liabilities. However, the exact amount each homeowner pays will depend on the specific assessed value of their property and any applicable exemptions or deductions. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Mccoole Tax Bill
$624
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Mccoole, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21562 | $226 | $369 | $624 | $724 | $809 |
Source: Ownwell