Glen Echo, Maryland Property Taxes
The median property tax rate in Glen Echo, MD is 1.10%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Glen Echo at $1,071,650, the typical annual property tax bill reaches $11,705, exceeding the national median of $2,690. Property taxes in Glen Echo 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 Glen Echo'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 Glen Echo 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
Glen Echo, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$11,788
$10,939
Ownwell’s Glen Echo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glen Echo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glen Echo 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 Glen Echo, Maryland
Property taxes in Glen Echo, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glen Echo is 1.10%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Glen Echo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glen Echo 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 Glen Echo's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20812 zip code has the highest median property tax rate of 1.10%, while the 20812 zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Glen Echo 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 Glen Echo Tax Rate
1.10%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glen Echo, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20812 | 1.01% | 1.07% | 1.10% | 1.13% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Glen Echo, Maryland
In Glen Echo, 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. Assessment notices in Glen Echo 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 Glen Echo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Glen Echo is $1,071,650, with the highest and lowest median tax bills both being $11,705 in the zip code 20812.
Average Glen Echo Assessed Value
$1,071,650
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 Glen Echo, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20812 | $810,790 | $888,475 | $1,071,650 | $1,245,750 | $1,486,770 |
Source: Ownwell
Property Tax Bills Across Glen Echo, Maryland
In Glen Echo, located in Montgomery County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county's property assessor and is a percentage of the market value. Homeowners in this region face a median property tax rate of 1.09%, slightly above the national median of 0.99%. This rate is applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For example, a home with a median price of $1,071,650 could see tax bills ranging from $9,567 at the 25th percentile to $15,793 at the 90th percentile. These tax bills can have a significant impact on homeowners, affecting their overall housing costs and financial planning. Understanding how these elements interact is crucial for homeowners aiming to manage their property tax obligations effectively and potentially seek appeal or exemption services to reduce their tax burden.
Average Glen Echo Tax Bill
$11,705
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Glen Echo, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20812 | $8,421 | $9,567 | $11,705 | $13,398 | $15,793 |
Source: Ownwell