Midlothian, Maryland Property Taxes
The median property tax rate in Midlothian, MD is 0.92%, slightly below the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Midlothian at $117,400, the typical annual property tax bill reaches $1,055, which is below the national median of $2,690. Property taxes in Midlothian are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Midlothian'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 Midlothian 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
Midlothian, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,080
$1,002
Ownwell’s Midlothian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midlothian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midlothian 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 Midlothian, Maryland
Property taxes in Midlothian, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midlothian is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Midlothian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midlothian 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 Midlothian's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21543 zip code has the highest median property tax rate of 0.92%, while the 21543 zip code also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Midlothian 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 Midlothian Tax Rate
0.92%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midlothian, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21543 | 0.84% | 0.88% | 0.92% | 0.97% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Midlothian, Maryland
In Midlothian, 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 Midlothian, 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 Midlothian 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 $1055, found in the 21543 zip code.
Average Midlothian Assessed Value
$117,400
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 Midlothian, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21543 | $58,450 | $81,550 | $117,400 | $158,925 | $221,500 |
Source: Ownwell
Property Tax Bills Across Midlothian, Maryland
In Midlothian, Allegany County, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessment is determined by the county's property appraiser, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, location, condition, and any improvements made. Homeowners in Midlothian can expect a range of tax bills depending on their property's value. For example, the 25th percentile tax bill is around $707, while the 75th percentile reaches approximately $1,541. The 90th percentile tax bill can go up to $2,061. Compared to the national median property tax rate of 0.99%, Midlothian's tax bills reflect the local real estate market and county-specific rates. These taxes fund essential public services like schools, roads, and emergency services, directly impacting the quality of life for residents.
Average Midlothian Tax Bill
$1,055
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Midlothian, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21543 | $536 | $707 | $1,055 | $1,541 | $2,061 |
Source: Ownwell