Sykesville, Maryland Property Taxes
The median property tax rate in Sykesville, MD is 1.04%, slightly higher than the national median of 0.99% but lower than Maryland's state median of 1.06%. With a median home value of $599,500 in Sykesville, the typical annual property tax bill reaches $6,114, significantly exceeding the national median of $2,690. Property taxes in Sykesville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sykesville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sykesville 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
Sykesville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$6,235
Ownwell’s Sykesville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sykesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sykesville to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in trends at a neighborhood level, more localized information is available by scrolling down. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Sykesville, Maryland
Property taxes in Sykesville, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sykesville is 1.04%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Sykesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sykesville 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 Sykesville's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21784 zip code has both the highest and lowest median property tax rate of 1.04%. Understanding how these cities compare with Sykesville 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 Sykesville Tax Rate
1.04%
Average Howard County Tax Rate
1.04%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sykesville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21784 | 0.93% | 1.01% | 1.04% | 1.06% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Sykesville, Maryland
In Sykesville, 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 Sykesville, 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 Sykesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sykesville is $599,500, with property tax bills ranging from $5,023 at the 25th percentile to $10,072 at the 90th percentile. The median tax bill in zip code 21784 is $6,114.
Average Sykesville Assessed Value
$599,500
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 Sykesville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21784 | $406,500 | $480,300 | $599,500 | $762,300 | $969,500 |
Source: Ownwell
Property Tax Bills Across Sykesville, Maryland
In Sykesville, property tax bills are calculated based on the assessed value of a home and the local tax rate. For homeowners in Howard County, the assessed value is a percentage of the property's market value, which is determined by periodic evaluations. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and market trends. For instance, the median home price in Sykesville is $599,500. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $5,023 and the 75th percentile at $7,894. The highest median tax bill in the area is $6,114, which is higher than the national median property tax rate of 0.99%. This variation in tax bills can impact homeowners significantly, affecting their annual budgeting and long-term financial planning. Understanding these factors helps homeowners anticipate their expenses and manage their finances more effectively.
Average Sykesville Tax Bill
$6,114
Average Howard County Tax Bill
$4,834
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Sykesville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21784 | $4,409 | $5,023 | $6,114 | $7,894 | $10,072 |
Source: Ownwell