Gibson Island, Maryland Property Taxes
The median property tax rate in Gibson Island, MD is 1.04%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With the median home value in Gibson Island at $1,883,200, the typical annual property tax bill reaches $18,587, significantly exceeding the national median of $2,690. Property taxes in Gibson Island 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 Gibson Island'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 Gibson Island 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
Gibson Island, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$19,585
$18,175
Ownwell’s Gibson Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibson Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibson Island 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 Gibson Island, Maryland
Property taxes in Gibson Island, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibson Island is 1.04%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Gibson Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibson Island 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 Gibson Island's effective property tax rate to other areas in Maryland and the national median. For comparison, the 21056 zip code has the highest median property tax rate of 1.04%, while the same 21056 zip code also has the lowest median tax rate of 1.04%. Understanding how these areas compare with Gibson Island 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 Gibson Island Tax Rate
1.04%
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 Gibson Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21056 | 0.69% | 0.99% | 1.04% | 1.06% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Gibson Island, Maryland
In Gibson Island, 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. Assessment notices in Gibson Island 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 Gibson Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here stands at $1,883,200, with tax bills ranging from $14,264 at the 25th percentile to $32,160 at the 90th percentile. The zip code 21056 has both the highest and lowest median tax bill at $18,587.
Property Tax Assessment Values Across Gibson Island, Maryland
Source: Ownwell
$224,750
$1,053,975
$1,883,200
Average Gibson Island Assessed Value
$1,883,200
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 Gibson Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21056 | $1,137,870 | $1,288,750 | $1,883,200 | $2,806,925 | $3,150,890 |
Source: Ownwell
Property Tax Bills Across Gibson Island, Maryland
In Gibson Island, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor's office. The median home price in this area is approximately $1,883,200, and the property tax rate is applied to this assessed value to determine the tax bill. For example, homeowners in the 25th percentile can expect a tax bill around $14,264, while those in the 75th percentile might see a bill closer to $29,051. At the 90th percentile, the tax bill can reach up to $32,160. Factors such as property improvements, market conditions, and neighborhood trends also influence the assessed value. Compared to the national median property tax rate of 0.99%, Gibson Island's property tax bills are significantly higher, reflecting the area's premium real estate market. High property taxes can impact homeowners by increasing the overall cost of owning a home in this exclusive community, but they also contribute to local services and amenities that enhance the quality of life.
Average Gibson Island Tax Bill
$18,587
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 Gibson Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21056 | $12,060 | $14,264 | $18,587 | $29,051 | $32,160 |
Source: Ownwell