Boyds, Maryland Property Taxes
The median property tax rate in Boyds, MD is 1.16%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Boyds at $646,950, the typical annual property tax bill reaches $7,510, exceeding the national median of $2,690. Property taxes in Boyds 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 Boyds' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Boyds 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
Boyds, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$7,505
Ownwell’s Boyds Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boyds with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boyds 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 Boyds, Maryland
Property taxes in Boyds, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boyds is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Boyds set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boyds 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 Boyds' effective property tax rate to other areas in Montgomery County and the national median. For comparison, the zip code 20841 has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these areas compare with Boyds 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 Boyds Tax Rate
1.16%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boyds, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20841 | 1.00% | 1.06% | 1.16% | 1.21% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Boyds, Maryland
In Boyds, 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 Boyds, 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 Boyds helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 20841 has the highest and lowest median tax bill, both at $7,510.
Average Boyds Assessed Value
$646,950
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 Boyds, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20841 | $253,700 | $434,000 | $646,950 | $747,500 | $816,200 |
Source: Ownwell
Property Tax Bills Across Boyds, Maryland
In Boyds, Montgomery County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $646,950, homeowners in Boyds can expect a tax bill that varies significantly depending on their property's assessed value and specific circumstances. Factors influencing the tax bill include the property's market value, any applicable exemptions, and the local tax rate. Homeowners in Boyds see tax bills ranging from $5,182 at the 25th percentile to $8,768 at the 75th percentile, with the 90th percentile reaching up to $9,722. These figures highlight the potential financial impact on homeowners, emphasizing the importance of accurate property assessments and available exemptions. Comparing these figures to the national median property tax rate of 0.99%, Boyds residents may experience higher-than-average property taxes, reflecting the area's property values and tax policies.
Average Boyds Tax Bill
$7,510
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Boyds, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20841 | $3,209 | $5,182 | $7,510 | $8,768 | $9,722 |
Source: Ownwell