Severna Park, Maryland Property Taxes
The median property tax rate in Severna Park, MD is 0.99%, aligning with the national median of 0.99% but slightly lower than the Maryland state median of 1.06%. With a median home value of $527,450 in Severna Park, the typical annual property tax bill reaches $4,796, significantly higher than the national median of $2,690. Property taxes in Severna Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Severna Park'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 Severna Park or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Severna Park, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$5,222
$4,846
Ownwell’s Severna Park Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Severna Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Severna Park to provide an estimate of 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 Anne Arundel County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Severna Park, Maryland
Property taxes in Severna Park, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Severna Park is 0.99%, which aligns with both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Severna Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Severna Park 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 Severna Park's effective property tax rate to other areas in Maryland and the national median. For comparison, the 21146 zip code has the highest median property tax rate of 0.99%, while the same 21146 zip code also has the lowest median tax rate of 0.99%. Understanding how these areas compare with Severna Park 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 Severna Park Tax Rate
0.99%
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 Severna Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21146 | 0.65% | 0.73% | 0.99% | 1.06% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Severna Park, Maryland
In Severna Park, 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 Severna Park, 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. Awareness of these valuation processes in Severna Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Severna Park is $527,450, with the highest and lowest median tax bills both at $4,796 in the 21146 zip code.
Property Tax Assessment Values Across Severna Park, Maryland
Source: Ownwell
$224,750
$1,053,975
$1,883,200
Average Severna Park Assessed Value
$527,450
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 Severna Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21146 | $357,000 | $430,500 | $527,450 | $653,200 | $862,230 |
Source: Ownwell
Property Tax Bills Across Severna Park, Maryland
In Severna Park, Anne Arundel County, MD, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county's property assessor and reflects the estimated market value of the property. Homeowners in Severna Park can expect a median home price of around $527,450. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value and, consequently, the tax bill. For homeowners in Severna Park, property tax bills can vary significantly. The 25th percentile of tax bills is approximately $3,693, while the 75th percentile reaches about $6,352. At the 90th percentile, tax bills can be as high as $8,227. The median tax bill in Severna Park is $4,796, which stands out compared to the national median property tax rate of 0.99%. This variation in tax bills can significantly impact homeowners, affecting their monthly mortgage payments and overall financial planning.
Average Severna Park Tax Bill
$4,796
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 Severna Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21146 | $2,918 | $3,693 | $4,796 | $6,352 | $8,227 |
Source: Ownwell