Taneytown, Maryland Property Taxes
The median property tax rate in Taneytown, MD is 1.50%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Taneytown at $262,750, the typical annual property tax bill reaches $3,641, exceeding the national median of $2,690. Property taxes in Taneytown 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 Taneytown'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 Taneytown 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
Taneytown, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$3,941
$3,657
Ownwell’s Taneytown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taneytown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taneytown 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 Taneytown, Maryland
Property taxes in Taneytown, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taneytown is 1.50%, significantly higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Taneytown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taneytown 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 Taneytown's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21787 has both the highest and lowest median property tax rate of 1.50%. Understanding how these cities compare with Taneytown 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 Taneytown Tax Rate
1.50%
Average Carroll County Tax Rate
1.10%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taneytown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21787 | 1.13% | 1.13% | 1.50% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Taneytown, Maryland
In Taneytown, 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 Carroll 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 Taneytown, 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. The median home price in Taneytown is $262,750, with tax bills ranging from $2,670 at the 25th percentile to $5,289 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 21787, with a median tax bill of $3,641. 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 Taneytown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Taneytown Assessed Value
$262,750
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 Taneytown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21787 | $141,870 | $208,925 | $262,750 | $325,900 | $379,560 |
Source: Ownwell
Property Tax Bills Across Taneytown, Maryland
In Taneytown, Carroll County, MD, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Taneytown is $262,750. To calculate the tax bill, the assessed value is multiplied by the local tax rate. Various factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Taneytown, the property tax bill can vary significantly. The 25th percentile tax bill is $2,670, while the 75th percentile tax bill is $4,474. At the 90th percentile, the tax bill can reach $5,289. The median tax bill in Taneytown is $3,641, which is higher than the national median property tax rate of 0.99%. This variation in tax bills affects homeowners differently, with some paying significantly more than others, depending on the assessed value of their property. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Taneytown Tax Bill
$3,641
Average Carroll County Tax Bill
$3,882
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Taneytown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21787 | $2,024 | $2,670 | $3,641 | $4,474 | $5,289 |
Source: Ownwell