Monkton, Maryland Property Taxes
The median property tax rate in Monkton, MD is 1.04%, slightly higher than the national median of 0.99% but just below the Maryland state median of 1.06%. With the median home value in Monkton at $387,400, the typical annual property tax bill reaches $3,928, which significantly exceeds the national median of $2,690. Property taxes in Monkton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monkton'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 Monkton 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
Monkton, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$4,029
Ownwell’s Monkton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monkton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monkton 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 Harford County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Monkton, Maryland
Property taxes in Monkton, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monkton is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Monkton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monkton 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 Monkton's effective property tax rate to other areas in Harford County and the national median. For comparison, the 21111 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these figures compare with Monkton 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 Monkton Tax Rate
1.04%
Average Harford County Tax Rate
0.99%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monkton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21111 | 0.85% | 1.01% | 1.04% | 1.05% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Monkton, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monkton, Maryland. 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. Assessment notices in Monkton 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. For example, the highest median tax bill is $3,928 in the 21111 zip code, while the lowest median tax bill is also $3,928 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monkton Assessed Value
$387,400
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 Monkton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21111 | $264,970 | $331,700 | $387,400 | $479,975 | $662,990 |
Source: Ownwell
Property Tax Bills Across Monkton, Maryland
In Monkton, located in Harford County, MD, property tax bills are calculated based on the assessed value of a home. The assessment is derived from the market value, which is determined by various factors such as the property's size, location, and condition. Homeowners in Monkton experience a range of property tax bills, with the 25th percentile at $3,232 and the 75th percentile at $4,826. At the higher end, the 90th percentile tax bill reaches $6,464. The median home price in Monkton is $387,400, and the median tax bill stands at $3,928, which aligns with the national median property tax rate of 0.99%. Homeowners in Monkton should be aware that these tax bills can significantly impact their annual expenses. Factors such as property improvements or changes in the local real estate market can influence the assessed value, thereby affecting the overall tax bill. Understanding these elements helps homeowners better anticipate their financial obligations and plan accordingly.
Average Monkton Tax Bill
$3,928
Average Harford County Tax Bill
$2,716
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Monkton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21111 | $2,456 | $3,232 | $3,928 | $4,826 | $6,464 |
Source: Ownwell