Brooklyn, Maryland Property Taxes
The median property tax rate in Brooklyn, MD is 0.92%, slightly lower than the Maryland state median of 1.06% but still competitive compared to the national median of 0.99%. With the median home value in Brooklyn at $224,750, the typical annual property tax bill amounts to $1,978, which is below the national median of $2,690. Property taxes in Brooklyn are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Brooklyn'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 Brooklyn 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
Brooklyn, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,068
Ownwell’s Brooklyn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooklyn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooklyn 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 Brooklyn, Maryland
Property taxes in Brooklyn, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooklyn is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Brooklyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooklyn 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 Brooklyn's effective property tax rate to other areas in Maryland and the national median. For comparison, the 21225 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these figures compare with Brooklyn provides valuable insights into the varying tax landscape across Anne Arundel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooklyn Tax Rate
0.92%
Average Anne Arundel County Tax Rate
0.97%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooklyn, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21225 | 0.75% | 0.82% | 0.92% | 0.98% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Brooklyn, Maryland
In Brooklyn, 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 Anne Arundel 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 Brooklyn, 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. Brooklyn's median home price is $224,750, with tax bills varying significantly. The 25th percentile tax bill is $1,418, while the 75th percentile is $2,469, and the 90th percentile reaches $3,066. The highest median tax bill is $1,978 in zip code 21225, which is also the lowest. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brooklyn Assessed Value
$224,750
Average Anne Arundel County Assessed Value
$376,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooklyn, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21225 | $126,400 | $153,250 | $224,750 | $280,575 | $341,600 |
Source: Ownwell
Property Tax Bills Across Brooklyn, Maryland
In Brooklyn, located in Anne Arundel 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's property assessor and reflects the market value of the property. Homeowners in Brooklyn can expect their property tax bill to vary within a range, with the 25th percentile at $1,418 and the 75th percentile reaching $2,469. The 90th percentile tax bill climbs to $3,066. For a median home price of $224,750 in Brooklyn, the property tax rate significantly impacts the annual tax bill. The highest and lowest median tax bills in the area are both $1,978, as observed in the 21225 zip code. Compared to the national median property tax rate of 0.99%, Brooklyn’s property tax rates are competitive, making it essential for homeowners to understand how these taxes are calculated and how they can influence their overall financial planning.
Average Brooklyn Tax Bill
$1,978
Average Anne Arundel County Tax Bill
$3,553
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooklyn, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21225 | $1,135 | $1,418 | $1,978 | $2,469 | $3,066 |
Source: Ownwell