Bloomington, Maryland Property Taxes
The median property tax rate in Bloomington, MD is 1.27%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Bloomington, the typical annual property tax bill reaches $898, which is below the national median of $2,690. Property taxes in Bloomington 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 Bloomington'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 Bloomington 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
Bloomington, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$930
$863
Ownwell’s Bloomington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomington 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 Bloomington, Maryland
Property taxes in Bloomington, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington is 1.27%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Bloomington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomington 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 Bloomington's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21523 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Bloomington 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 Bloomington Tax Rate
1.27%
Average Garrett County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomington, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21523 | 1.20% | 1.26% | 1.27% | 1.27% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington, Maryland
In Bloomington, 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. 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 Bloomington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $898, with the zip code 21523 reflecting this amount.
Average Bloomington Assessed Value
$73,200
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 Bloomington, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21523 | $35,120 | $48,275 | $73,200 | $95,350 | $107,870 |
Source: Ownwell
Property Tax Bills Across Bloomington, Maryland
In Bloomington, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in the area is $73,200. The assessed value is determined by the county assessor, who evaluates the property's market value. Homeowners in Bloomington can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $609, while the 75th percentile tax bill is $1,135, and the 90th percentile tax bill reaches up to $1,327. These figures indicate that property tax bills can range widely depending on the assessed value and specific circumstances of the property. Garrett County, where Bloomington is located, has a median property tax bill of $898.00, which is relatively lower compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable for residents, potentially attracting more people to the area. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax expenses.
Average Bloomington Tax Bill
$898
Average Garrett County Tax Bill
$1,945
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomington, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21523 | $430 | $609 | $898 | $1,135 | $1,327 |
Source: Ownwell