Friendsville, Maryland Property Taxes
The median property tax rate in Friendsville, MD is 1.18%, higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Friendsville at $109,800, the typical annual property tax bill reaches $1,312, surpassing the national median of $2,690. Property taxes in Friendsville 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 Friendsville'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 Friendsville 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
Friendsville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,296
$1,202
Ownwell’s Friendsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Friendsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Friendsville 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 Friendsville, Maryland
Property taxes in Friendsville, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Friendsville is 1.18%, higher than the U.S. national median of 0.99%. Local government entities within Friendsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Friendsville 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 Friendsville's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21531 zip code has the highest median property tax rate of 1.18%, while the 21531 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Friendsville 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 Friendsville Tax Rate
1.18%
Average Garrett County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Friendsville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21531 | 1.14% | 1.15% | 1.18% | 1.21% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Friendsville, Maryland
In Friendsville, 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 Friendsville, 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 Friendsville 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 $1312, found in the zip code 21531.
Average Friendsville Assessed Value
$109,800
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 Friendsville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21531 | $42,800 | $66,850 | $109,800 | $157,900 | $228,000 |
Source: Ownwell
Property Tax Bills Across Friendsville, Maryland
In Friendsville, MD, property tax bills are calculated based on the assessed value of your home, which is determined by the Garrett County Assessor's Office. The assessed value is a percentage of your property's market value, and this figure is then multiplied by the local tax rate to determine your annual tax bill. For example, with a median home price of $109,800, homeowners can expect to pay varying amounts in property taxes. The 25th percentile tax bill is around $804, while the 75th percentile tax bill reaches $1,851. At the 90th percentile, homeowners might pay as much as $2,631 annually. These property tax rates can significantly impact homeowners, influencing monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, Friendsville's rates are relatively moderate but can still represent a considerable expense for property owners. Understanding these factors can help homeowners better plan for their financial obligations.
Average Friendsville Tax Bill
$1,312
Average Garrett County Tax Bill
$1,945
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Friendsville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21531 | $523 | $804 | $1,312 | $1,851 | $2,631 |
Source: Ownwell