Accident, Maryland Property Taxes
The median property tax rate in Accident, MD is 1.19%, 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 Accident at $143,700, the typical annual property tax bill reaches $1,798, still below the national median of $2,690. Property taxes in Accident are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Accident'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 Accident or another part of Garrett County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Accident, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$1,710
$1,587
Ownwell’s Accident Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Accident with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Accident 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 Accident, Maryland
Property taxes in Accident, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Accident is 1.19%, higher than the U.S. national median of 0.99%. Local government entities within Accident set these rates annually, and they can vary significantly across different neighborhoods. Each year, Accident 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 Accident's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21520 zip code has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Accident provides valuable insights into the varying tax landscape across Garrett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Accident Tax Rate
1.19%
Average Garrett County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Accident, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21520 | 1.18% | 1.18% | 1.19% | 1.21% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Accident, Maryland
In Accident, 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 Garrett 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 Accident, 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 Accident helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21520 has the highest and lowest median tax bill, both at $1,798, reflecting the range of tax burdens homeowners may encounter.
Average Accident Assessed Value
$143,700
Average Garrett County Assessed Value
$165,700
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Accident, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21520 | $65,220 | $99,300 | $143,700 | $209,200 | $274,120 |
Source: Ownwell
Property Tax Bills Across Accident, Maryland
In Accident, located in Garrett County, MD, property tax bills are calculated based on the assessed value of a home. The assessment is determined by the local tax authority and reflects the market value of the property. Homeowners in Accident can expect property tax bills that vary significantly depending on their property's assessed value. For instance, the 25th percentile tax bill is around $1,269, while the 75th percentile tax bill reaches approximately $2,567. At the 90th percentile, the tax bill can go up to $3,416. These property tax bills are influenced by several factors, including changes in the real estate market and any improvements made to the property. The median home price in Accident is $143,700, which helps provide a baseline for understanding the tax implications. Comparatively, the national median property tax rate is 0.99%, making Accident's rates relatively reflective of broader trends. Homeowners should be aware of these factors as they can significantly impact annual expenses and overall financial planning.
Average Accident Tax Bill
$1,798
Average Garrett County Tax Bill
$1,945
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Accident, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21520 | $832 | $1,269 | $1,798 | $2,567 | $3,416 |
Source: Ownwell