Crofton, Maryland Property Taxes
The median property tax rate in Crofton, MD is 1.09%, which is notably higher than both the national median of 0.99% and Maryland’s state median of 1.06%. With a median home value of $351,700 in Crofton, the typical annual property tax bill amounts to $3,416, surpassing the national median of $2,690. Property taxes in Crofton are calculated based on the tax assessed value, which often comes in below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Crofton'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 Crofton or another part of Anne Arundel County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crofton, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$3,834
$3,557
Ownwell’s Crofton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crofton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crofton 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 Crofton, Maryland
Property taxes in Crofton, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crofton is 1.09%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Crofton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crofton 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 Crofton's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21114 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Crofton 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 Crofton Tax Rate
1.09%
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 Crofton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21114 | 0.72% | 0.87% | 1.09% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Crofton, Maryland
In Crofton, 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 Crofton, 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 Crofton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Crofton are both $3,416, found in the zip code 21114.
Average Crofton Assessed Value
$351,700
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 Crofton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21114 | $221,570 | $254,600 | $351,700 | $480,375 | $547,400 |
Source: Ownwell
Property Tax Bills Across Crofton, Maryland
Property tax bills in Crofton, Anne Arundel County, MD, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $351,700, homeowners can expect varying tax bills. The 25th percentile tax bill is around $2,652, while the 75th percentile tax bill reaches up to $4,613. At the higher end, the 90th percentile tax bill can be as much as $5,641. These tax bills can significantly impact homeowners' finances, making it essential to understand how the assessed value and tax rates influence the final amount. For comparison, the national median property tax rate is 0.99%, which helps homeowners in Crofton gauge how their local taxes stack up against the national average. The highest and lowest median tax bills in Crofton are both recorded at $3,416 in the 21114 zip code, providing a consistent benchmark for property owners in the area.
Average Crofton Tax Bill
$3,416
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 Crofton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21114 | $2,180 | $2,652 | $3,416 | $4,613 | $5,641 |
Source: Ownwell