Keymar, Maryland Property Taxes
The median property tax rate in Keymar, MD is 1.13%, which is considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Keymar, the typical annual property tax bill reaches $2,947, exceeding the national median of $2,690. Property taxes in Keymar 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 Keymar'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 Keymar or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Keymar, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$2,947
Ownwell’s Keymar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keymar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keymar 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 Carroll County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Keymar, Maryland
Property taxes in Keymar, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keymar is 1.13%, higher than the U.S. national median of 0.99%. Local government entities within Keymar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keymar 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 Keymar's effective property tax rate to other areas and the national median. For comparison, the zip code 21757 has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these areas compare with Keymar provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keymar Tax Rate
1.13%
Average Carroll County Tax Rate
1.10%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keymar, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21757 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Keymar, Maryland
In Keymar, 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 Carroll County 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 Keymar, 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 Keymar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 21757, with a value of $2,947, while the lowest median tax bill is also found in 21757, at $2,947.
Average Keymar Assessed Value
$260,800
Average Carroll County Assessed Value
$347,000
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keymar, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21757 | $157,900 | $200,750 | $260,800 | $320,600 | $412,760 |
Source: Ownwell
Property Tax Bills Across Keymar, Maryland
In Keymar, located in Carroll County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax authorities and reflects the market value of the property. Homeowners in Keymar can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $2,268 and the 75th percentile reaching $3,623. For those in the 90th percentile, the tax bill can go as high as $4,664. This variation is influenced by factors such as property size, location, and market conditions. The median home price in Keymar is $260,800, which helps contextualize these figures. When compared to the national median property tax rate of 0.99%, Keymar's rates can be seen as relatively high, impacting homeowners by increasing their annual expenses. Understanding these factors is crucial for homeowners as they plan their finances and consider the long-term costs of owning property in Keymar.
Average Keymar Tax Bill
$2,947
Average Carroll County Tax Bill
$3,882
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Keymar, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21757 | $1,784 | $2,268 | $2,947 | $3,623 | $4,664 |
Source: Ownwell