Spring Gap, Maryland Property Taxes
The median property tax rate in Spring Gap, MD is 1.06%, which is notably higher than the national median of 0.99%. With the median home value in Spring Gap at $202,400, the typical annual property tax bill reaches $2,157, just under the national median of $2,690. Property taxes in Spring Gap 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 Spring Gap'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 Spring Gap 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
Spring Gap, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,145
Ownwell’s Spring Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spring Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spring Gap 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 Spring Gap, Maryland
Property taxes in Spring Gap, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Gap is 1.06%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Spring Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Gap 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 Spring Gap's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21560 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Spring Gap 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 Spring Gap Tax Rate
1.06%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Gap, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21560 | 1.05% | 1.05% | 1.06% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Spring Gap, Maryland
In Spring Gap, 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 Spring Gap, 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. The median home price in Spring Gap is $202,400, with tax bills ranging from $1,795 at the 25th percentile to $2,737 at the 90th percentile. 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 Spring Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spring Gap Assessed Value
$202,400
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 Spring Gap, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21560 | $150,480 | $169,950 | $202,400 | $234,850 | $254,320 |
Source: Ownwell
Property Tax Bills Across Spring Gap, Maryland
In Spring Gap, Allegany County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. The property tax rate in this region is applied to the assessed value to generate the annual tax bill. For example, with a median home price of $202,400, homeowners can expect varying tax bills. The 25th percentile tax bill is around $1,795, while the 75th percentile sees homeowners paying approximately $2,519. At the 90th percentile, the tax bill can rise to about $2,737. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses and overall financial planning. Comparatively, the national median property tax rate is 0.99%, making it important for homeowners in Spring Gap to be aware of how their local rates and assessed values affect their tax obligations.
Average Spring Gap Tax Bill
$2,157
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Gap, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21560 | $1,578 | $1,795 | $2,157 | $2,519 | $2,737 |
Source: Ownwell