Grantsville, Maryland Property Taxes
The median property tax rate in Grantsville, MD is 1.17%, 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 Grantsville, the typical annual property tax bill reaches $1,415, exceeding the national median of $2,690. Property taxes in Grantsville 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 Grantsville'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 Grantsville 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
Grantsville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,415
$1,313
Ownwell’s Grantsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grantsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grantsville 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 Grantsville, Maryland
Property taxes in Grantsville, Maryland, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Grantsville is 1.17%, higher than the U.S. national median of 0.99%. Local government entities within Grantsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grantsville 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 Grantsville's effective property tax rate to other areas in Garrett County and the national median. For comparison, the 21536 zip code has both the highest and lowest median property tax rate of 1.17%. Understanding how these areas compare with Grantsville 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 Grantsville Tax Rate
1.17%
Average Garrett County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grantsville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21536 | 1.12% | 1.15% | 1.17% | 1.22% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Grantsville, Maryland
In Grantsville, 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 Grantsville, 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. The median property tax bill in Grantsville is $1,415, which is higher than the national median property tax rate of 0.99%. The zip code with the highest and lowest median tax bills both report a value of $1,415, indicating a level of consistency across the area. Being aware of these valuation processes in Grantsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grantsville Assessed Value
$120,950
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 Grantsville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21536 | $48,430 | $80,925 | $120,950 | $171,075 | $246,610 |
Source: Ownwell
Property Tax Bills Across Grantsville, Maryland
In Grantsville, located in Garrett County, MD, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor and is often a percentage of the market value. For homeowners in Grantsville, the median home price stands at $120,950. The tax bill can vary significantly, with the 25th percentile at $957 and the 75th percentile reaching $1,979. At the higher end, the 90th percentile tax bill is $2,794. Several factors influence the tax bill, including property size, location, and improvements made to the property. Grantsville's median tax bill is $1,415, which is higher than the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual expenses, making it essential for them to budget accordingly. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Grantsville Tax Bill
$1,415
Average Garrett County Tax Bill
$1,945
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Grantsville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21536 | $568 | $957 | $1,415 | $1,979 | $2,794 |
Source: Ownwell