Lonaconing, Maryland Property Taxes
The median property tax rate in Lonaconing, MD, is 1.16%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Lonaconing at $141,400, the typical annual property tax bill reaches $1,621, which is below the national median of $2,690. Property taxes in Lonaconing 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 Lonaconing'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 Lonaconing 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
Lonaconing, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,640
$1,522
Ownwell’s Lonaconing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lonaconing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lonaconing 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 Lonaconing, Maryland
Property taxes in Lonaconing, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lonaconing is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Lonaconing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lonaconing 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 Lonaconing's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21539 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Lonaconing 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 Lonaconing 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 Lonaconing, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21539 | 1.12% | 1.15% | 1.16% | 1.18% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Lonaconing, Maryland
In Lonaconing, 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 Lonaconing, 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 Lonaconing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21539 has the highest median tax bill at $1,621, which is also the lowest median tax bill in the area.
Average Lonaconing Assessed Value
$141,400
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 Lonaconing, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21539 | $60,480 | $97,100 | $141,400 | $215,450 | $264,720 |
Source: Ownwell
Property Tax Bills Across Lonaconing, Maryland
In Lonaconing, Garrett County, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's property assessor, who evaluates the property's market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For example, with a median home price of $141,400, homeowners can expect a tax bill that varies widely. At the 25th percentile, the tax bill is around $1,102, while at the 75th percentile, it rises to $2,444. The highest tax bills, at the 90th percentile, can reach up to $2,992. These figures reflect the significant impact property taxes can have on homeowners' finances, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners in Lonaconing better anticipate their annual property tax obligations and plan their finances accordingly.
Average Lonaconing Tax Bill
$1,621
Average Garrett County Tax Bill
$1,945
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Lonaconing, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21539 | $745 | $1,102 | $1,621 | $2,444 | $2,992 |
Source: Ownwell