Frostburg, Maryland Property Taxes
The median property tax rate in Frostburg, MD is 1.16%, noticeably higher than both the national median of 0.99% and Maryland's state median of 1.06%. With the median home value in Frostburg at $135,400, the typical annual property tax bill reaches $1,558, which is below the national median of $2,690. Property taxes in Frostburg are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Frostburg'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 Frostburg 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
Frostburg, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,571
$1,458
Ownwell’s Frostburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frostburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frostburg 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 Frostburg, Maryland
Property taxes in Frostburg, Maryland, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Frostburg is 1.16%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Frostburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frostburg 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 Frostburg's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21532 zip code has the highest median property tax rate of 1.16%, while the 21532 zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Frostburg 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 Frostburg Tax Rate
1.16%
Average Garrett County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frostburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21532 | 1.13% | 1.15% | 1.16% | 1.18% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Frostburg, Maryland
In Frostburg, 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 Frostburg, 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 Frostburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Frostburg's median home price is $135,400, with the 25th percentile tax bill at $1,039 and the 75th percentile at $2,097. The highest and lowest median tax bills in the area are both $1,558, found in the 21532 zip code.
Average Frostburg Assessed Value
$135,400
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 Frostburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21532 | $61,810 | $90,875 | $135,400 | $181,050 | $256,160 |
Source: Ownwell
Property Tax Bills Across Frostburg, Maryland
Property tax bills in Frostburg, located in Garrett County, MD, are calculated based on the assessed value of a property, which is determined by local government assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Frostburg is $135,400, and property tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $1,039 annually, while those in the 75th percentile face bills of approximately $2,097. At the higher end, the 90th percentile sees tax bills reaching up to $2,909. Compared to the national median property tax rate of 0.99%, Frostburg's property tax environment can be considered moderate. The highest and lowest median tax bills in the area are both $1,558, indicating a relatively stable tax rate across different neighborhoods. These property taxes play a crucial role in funding local services, including schools, public safety, and infrastructure, directly affecting the quality of life for Frostburg homeowners.
Average Frostburg Tax Bill
$1,558
Average Garrett County Tax Bill
$1,945
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Frostburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21532 | $743 | $1,039 | $1,558 | $2,097 | $2,909 |
Source: Ownwell