Bel Air, Maryland Property Taxes
The median property tax rate in Bel Air, MD is 0.93%, which is slightly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $338,950 in Bel Air, the typical annual property tax bill amounts to $3,075, surpassing the national median of $2,690. Property taxes in Bel Air are calculated based on the assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Bel Air'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 Bel Air or another part of Harford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bel Air, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$3,152
Ownwell’s Bel Air Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bel Air with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bel Air 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 Bel Air, Maryland
Property taxes in Bel Air, Maryland, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Bel Air is 0.93%, which is slightly lower than the Maryland state median of 1.09% but still below the U.S. national median of 0.99%. Local government entities within Bel Air set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bel Air 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 Bel Air's effective property tax rate to other areas in Maryland and the national median. For comparison, the ZIP code 21015 has the highest median property tax rate of 0.95%, while ZIP code 21014 has the lowest median tax rate of 0.91%. Understanding how these areas compare with Bel Air provides valuable insights into the varying tax landscape across Harford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bel Air Tax Rate
0.93%
Average Harford County Tax Rate
0.99%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bel Air, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21014 | 0.77% | 0.82% | 0.91% | 0.93% | 0.95% |
| 21015 | 0.87% | 0.92% | 0.95% | 1.06% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Bel Air, Maryland
In Bel Air, 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 Harford County Assessment Office 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 Bel Air, 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 Bel Air helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bel Air is $3,305 in the 21015 zip code, while the lowest median tax bill is $2,935 in the 21014 zip code.
Average Bel Air Assessed Value
$338,950
Average Harford County Assessed Value
$279,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bel Air, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21014 | $175,000 | $245,000 | $334,300 | $431,500 | $520,170 |
| 21015 | $193,950 | $245,300 | $345,350 | $465,100 | $618,650 |
Source: Ownwell
Property Tax Bills Across Bel Air, Maryland
Property tax bills in Bel Air, Harford County, MD, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value, which is periodically evaluated by the county. Homeowners in Bel Air experience a range of tax bills, with the 25th percentile paying around $2,260, and those in the 75th percentile facing bills up to $4,184. At the 90th percentile, tax bills can escalate to approximately $5,269. The median home price in Bel Air is $338,950, and property tax rates are influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Bel Air's property taxes can be higher due to these local factors. For instance, the highest median tax bill in the area is found in the 21015 zip code, amounting to $3,305, while the lowest is in the 21014 zip code at $2,935. These variations significantly impact homeowners, influencing their overall financial planning and housing affordability.
Average Bel Air Tax Bill
$3,075
Average Harford County Tax Bill
$2,716
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Bel Air, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21014 | $1,497 | $2,138 | $2,935 | $3,952 | $4,753 |
| 21015 | $1,886 | $2,372 | $3,305 | $4,505 | $6,116 |
Source: Ownwell