Garrett Park, Montgomery County, Maryland Property Taxes
The median property tax rate in Garrett Park, MD is 1.34%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Garrett Park at $783,350, the typical annual property tax bill reaches $10,476, exceeding the national median of $2,690. Property taxes in Garrett Park 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 Garrett Park'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 Garrett Park 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
Garrett Park, Montgomery County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$10,497
$9,741
Ownwell’s Garrett Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garrett Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garrett Park 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 Garrett Park, Montgomery County, Maryland
Property taxes in Garrett Park, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garrett Park is 1.34%, significantly higher than the U.S. national median of 0.99%. Local government entities within Garrett Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garrett Park 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 Garrett Park's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 20896 has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Garrett Park 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 Garrett Park Tax Rate
1.34%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garrett Park, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20896 | 1.22% | 1.33% | 1.34% | 1.35% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Garrett Park, Montgomery County, Maryland
In Garrett Park, 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 Garrett Park, 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 Garrett Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Garrett Park are both $10,476, found in zip code 20896.
Property Tax Assessment Values Across Garrett Park, Montgomery County, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Garrett Park Assessed Value
$783,350
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 Garrett Park, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20896 | $632,450 | $690,525 | $783,350 | $922,725 | $1,106,030 |
Source: Ownwell
Property Tax Bills Across Garrett Park, Montgomery County, Maryland
In Garrett Park, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the Montgomery County assessor's office. The median home price in Garrett Park is $783,350. Property taxes are then calculated using the local tax rate, which is applied to this assessed value. This tax rate can vary, but it is crucial in determining the final tax bill. Several factors influence the assessed value, including recent sales of comparable properties, improvements made to the home, and overall market conditions. For homeowners in Garrett Park, property tax bills can range significantly. For instance, the 25th percentile tax bill is around $9,151, while the 75th percentile tax bill can reach $12,294. At the 90th percentile, homeowners could see tax bills as high as $15,147. Compared to the national median property tax rate of 0.99%, Garrett Park's property taxes can be relatively high, reflecting the area's higher property values. This can significantly impact homeowners, affecting their overall cost of living and financial planning.
Property Tax Bills Across Garrett Park, Montgomery County, Maryland
Source: Ownwell
$1,180
$6,981
$12,781
Average Garrett Park Tax Bill
$10,476
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Garrett Park, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20896 | $7,918 | $9,151 | $10,476 | $12,294 | $15,147 |
Source: Ownwell