Forest Hill, Maryland Property Taxes
The median property tax rate in Forest Hill, MD is 0.95%, slightly lower than the national median of 0.99% but below the Maryland state median of 1.06%. With the median home value in Forest Hill at $354,900, the typical annual property tax bill reaches $3,414, surpassing the national median of $2,690. Property taxes in Forest Hill 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 Forest Hill'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 Forest Hill 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
Forest Hill, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$3,372
Ownwell’s Forest Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest Hill 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 Forest Hill, Maryland
Property taxes in Forest Hill, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest Hill is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Forest Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest Hill 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 Forest Hill's effective property tax rate to other areas in Harford County and the national median. For comparison, the 21050 zip code has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these areas compare with Forest Hill 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 Forest Hill Tax Rate
0.95%
Average Harford County Tax Rate
0.99%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest Hill, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21050 | 0.84% | 0.92% | 0.95% | 0.98% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Forest Hill, Maryland
In Forest Hill, 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 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 Forest Hill, 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 Forest Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 21050, amounting to $3,414, while the lowest median tax bill is also in 21050, at $3,414.
Average Forest Hill Assessed Value
$354,900
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 Forest Hill, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21050 | $205,000 | $270,800 | $354,900 | $472,250 | $623,040 |
Source: Ownwell
Property Tax Bills Across Forest Hill, Maryland
Property tax bills in Forest Hill, located in Harford County, MD, are calculated based on the assessed value of a property and the local tax rate. The median home price in Forest Hill is $354,900. Homeowners in this area can expect to pay a tax bill that varies significantly depending on their property's assessed value. For instance, the 25th percentile tax bill is $2,507, while the 75th percentile tax bill reaches $4,527. At the higher end, the 90th percentile tax bill can go up to $5,948. These tax bills are influenced by several factors, including the property's market value, any applicable exemptions, and the local tax rate. The tax burden can impact homeowners by affecting their monthly mortgage payments and overall cost of living. Compared to the national median property tax rate of 0.99%, Forest Hill's property tax rates reflect the local economic conditions and public service funding needs, making it essential for homeowners to understand their tax obligations and plan accordingly.
Average Forest Hill Tax Bill
$3,414
Average Harford County Tax Bill
$2,716
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest Hill, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21050 | $1,853 | $2,507 | $3,414 | $4,527 | $5,948 |
Source: Ownwell