Savage, Maryland Property Taxes
The median property tax rate in Savage, MD is 0.95%, slightly lower than the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Savage at $389,700, the typical annual property tax bill reaches $3,634, significantly higher than the national median of $2,690. Property taxes in Savage 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 Savage'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 Savage 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
Savage, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$3,702
$3,435
Ownwell’s Savage Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Savage with just two data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Savage to project your property tax bill. This valuable tool provides clarity on potential tax obligations. For those interested in more granular details, you can explore neighborhood-level trends by scrolling down for localized information. Your property’s assessed value, determined by Howard County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Savage, Maryland
Property taxes in Savage, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Savage is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Savage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Savage 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 Savage's effective property tax rate to other areas in Howard County and the national median. For comparison, the zip code 20763 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 Savage provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Savage Tax Rate
0.95%
Average Howard County Tax Rate
1.04%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Savage, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20763 | 0.89% | 0.92% | 0.95% | 0.96% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Savage, Maryland
In Savage, 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 Howard 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 Savage, 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 Savage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Savage is $389,700, with the 25th percentile tax bill at $3,101 and the 75th percentile tax bill at $4,274.
Average Savage Assessed Value
$389,700
Average Howard County Assessed Value
$465,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Savage, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20763 | $305,100 | $329,000 | $389,700 | $459,300 | $529,950 |
Source: Ownwell
Property Tax Bills Across Savage, Maryland
In Savage, located in Howard County, MD, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine your tax bill. For instance, with a median home price of $389,700, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors that influence the tax bill include the property's location within Savage, any applicable exemptions, and improvements made to the property. The tax bill can significantly affect homeowners' finances, with the 25th percentile tax bill at $3,101 and the 75th percentile reaching $4,274. For those in the 90th percentile, the tax bill can be as high as $4,793. Compared to the national median property tax rate of 0.99%, Savage's property tax bills reflect the local economic conditions and funding requirements for public services, impacting the overall cost of homeownership in the area.
Average Savage Tax Bill
$3,634
Average Howard County Tax Bill
$4,834
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Savage, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20763 | $2,894 | $3,101 | $3,634 | $4,274 | $4,793 |
Source: Ownwell