Damascus, Maryland Property Taxes
The median property tax rate in Damascus, MD is 1.06%, which aligns with the Maryland state median but is higher than the national median of 0.99%. With a median home value of $407,800 in Damascus, the typical annual property tax bill amounts to $4,541, significantly surpassing the national median of $2,690. Property taxes in Damascus are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Gaining a thorough understanding of Damascus'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 Damascus or another area in Montgomery County, being knowledgeable about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Damascus, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$4,323
$4,011
Ownwell’s Damascus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Damascus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Damascus 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 Montgomery County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Damascus, Maryland
Property taxes in Damascus, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Damascus is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Damascus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Damascus 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 Damascus's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 20872 has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Damascus 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 Damascus Tax Rate
1.06%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Damascus, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20872 | 0.86% | 1.01% | 1.06% | 1.24% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Damascus, Maryland
In Damascus, 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 Damascus, 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 Damascus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Damascus is $407,800, with median tax bills ranging from $3,468 to $7,079, depending on the zip code.
Average Damascus Assessed Value
$407,800
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 Damascus, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20872 | $240,700 | $320,850 | $407,800 | $500,150 | $644,320 |
Source: Ownwell
Property Tax Bills Across Damascus, Maryland
In Damascus, property tax bills are calculated based on the assessed value of a home, which is determined by the county's property assessor. The median home price in Damascus is $407,800. Homeowners in Damascus can expect to pay property taxes that fall within various percentiles: the 25th percentile tax bill is approximately $3,468, while the 75th percentile reaches around $5,751. For those in the 90th percentile, tax bills can soar to about $7,079. Montgomery County, where Damascus is located, has a median property tax bill of $4,541, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as public schools, infrastructure, and emergency services. Higher property taxes can impact homeowners by increasing the overall cost of homeownership, potentially influencing both short-term financial planning and long-term investment decisions. Understanding these factors is crucial for homeowners in Damascus to manage their finances effectively.
Average Damascus Tax Bill
$4,541
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Damascus, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20872 | $2,273 | $3,468 | $4,541 | $5,751 | $7,079 |
Source: Ownwell