Laurel, Maryland Property Taxes
The median property tax rate in Laurel, MD is 0.93%, slightly lower than the Maryland state median of 1.06% but still close to the national median of 0.99%. With the median home value in Laurel at $367,400, the typical annual property tax bill reaches $3,444, significantly higher than the national median of $2,690. Property taxes in Laurel 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 Laurel'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 Laurel 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
Laurel, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$3,417
Ownwell’s Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel 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 Laurel, Maryland
Property taxes in Laurel, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other areas in Anne Arundel County and the national median. For comparison, the zip code 20724 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Laurel 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 Laurel Tax Rate
0.93%
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 Laurel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20724 | 0.69% | 0.84% | 0.93% | 0.96% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Maryland
In Laurel, 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 Laurel, 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 Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 20724 has both the highest and lowest median tax bill at $3,444.
Average Laurel Assessed Value
$367,400
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 Laurel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20724 | $256,410 | $321,900 | $367,400 | $449,400 | $521,390 |
Source: Ownwell
Property Tax Bills Across Laurel, Maryland
In Laurel, Anne Arundel County, MD, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value as determined by the county's assessment office. Factors such as the home's size, location, and condition play a significant role in this assessment. For homeowners in Laurel, the median home price is $367,400. The property tax rate in Anne Arundel County is higher than the national median property tax rate of 0.99%. Consequently, homeowners can expect a median tax bill of approximately $3,444. However, tax bills can vary significantly, with the 25th percentile at $2,816 and the 75th percentile reaching $4,016. For the top 10% of properties, tax bills can be as high as $4,639. These property taxes fund vital local services, including schools, public safety, and infrastructure, directly impacting the community's quality of life. For homeowners, understanding how their tax bill is calculated can help them better manage their finances and plan for future expenses.
Average Laurel Tax Bill
$3,444
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 Laurel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20724 | $2,265 | $2,816 | $3,444 | $4,016 | $4,639 |
Source: Ownwell