Boonsboro, Maryland Property Taxes
The median property tax rate in Boonsboro, MD is 1.21%, considerably higher than both the national median of 0.99% and Maryland's state median of 1.06%. With the median home value in Boonsboro at $331,500, the typical annual property tax bill reaches $3,973, exceeding the national median of $2,690. Property taxes in Boonsboro 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 Boonsboro'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 Boonsboro 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
Boonsboro, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$4,011
Ownwell’s Boonsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boonsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boonsboro 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 Boonsboro, Maryland
Property taxes in Boonsboro, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boonsboro is 1.21%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Boonsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boonsboro 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 Boonsboro's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21713 zip code has the highest median property tax rate of 1.21%, while the 21713 zip code has the lowest median tax rate of 1.21%. Understanding how these cities compare with Boonsboro provides valuable insights into the varying tax landscape across Frederick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boonsboro Tax Rate
1.21%
Average Frederick County Tax Rate
1.20%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boonsboro, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21713 | 1.20% | 1.21% | 1.21% | 1.22% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Boonsboro, Maryland
In Boonsboro, 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 Frederick 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 Boonsboro, 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 Boonsboro is $331,500, with tax bills ranging from $3,952 at the 25th percentile to $4,158 at the 90th percentile. The zip code 21713 has the highest and lowest median tax bill, both at $3,973. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Boonsboro Assessed Value
$331,500
Average Frederick County Assessed Value
$362,500
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boonsboro, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21713 | $324,540 | $327,150 | $331,500 | $338,800 | $343,180 |
Source: Ownwell
Property Tax Bills Across Boonsboro, Maryland
In Boonsboro, located in Frederick County, MD, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Homeowners can expect their tax bills to vary depending on the property's assessed value and any applicable exemptions or deductions. For instance, the median home price in Boonsboro is $331,500. Property tax bills in the area range from the 25th percentile at $3,952 to the 75th percentile at $4,089, with the 90th percentile reaching up to $4,158. These figures indicate that property taxes in Boonsboro can be higher than the national median property tax rate of 0.99%. For homeowners, this means that property taxes can represent a significant annual expense. Understanding how these taxes are calculated and what factors influence them is crucial for effective financial planning and ensuring that homeowners are not overpaying on their property taxes.
Average Boonsboro Tax Bill
$3,973
Average Frederick County Tax Bill
$4,509
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Boonsboro, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21713 | $3,940 | $3,952 | $3,973 | $4,089 | $4,158 |
Source: Ownwell