Barnesville, Maryland Property Taxes
The median property tax rate in Barnesville, MD is 1.07%, which is considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Barnesville at $495,150, the typical annual property tax bill reaches $5,251, exceeding the national median of $2,690. Property taxes in Barnesville 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 Barnesville'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 Barnesville 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
Barnesville, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Barnesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnesville 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 Barnesville, Maryland
Property taxes in Barnesville, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barnesville is 1.07%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Barnesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnesville 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 Barnesville's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20838 zip code has both the highest and lowest median property tax rate of 1.07%. Understanding how these cities compare with Barnesville provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnesville Tax Rate
1.07%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnesville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20838 | 0.81% | 0.95% | 1.07% | 1.14% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Barnesville, Maryland
In Barnesville, 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 Montgomery 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 Barnesville, 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 Barnesville 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 20838, with a median bill of $5,251.
Property Tax Assessment Values Across Barnesville, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Barnesville Assessed Value
$495,150
Average Montgomery County Assessed Value
$471,000
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnesville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20838 | $300,660 | $375,150 | $495,150 | $592,750 | $816,930 |
Source: Ownwell
Property Tax Bills Across Barnesville, Maryland
In Barnesville, property tax bills are calculated based on the assessed value of a home, which is determined by the Montgomery County Assessor's Office. The assessed value is a percentage of the property's market value. Property tax rates in Barnesville are applied to this assessed value to determine the annual tax bill. The median home price in Barnesville is $495,150, and homeowners can expect to pay a tax bill ranging from $3,732 at the 25th percentile to $9,414 at the 90th percentile. The highest median tax bill in the area is $5,251, recorded in the 20838 zip code. These property taxes fund essential community services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Barnesville's property tax rates reflect the region's commitment to maintaining high-quality public services and amenities for its homeowners.
Average Barnesville Tax Bill
$5,251
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnesville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20838 | $2,807 | $3,732 | $5,251 | $6,499 | $9,414 |
Source: Ownwell