Laurel, Montgomery County, Maryland Property Taxes
The median property tax rate in Laurel, MD is 1.12%, which is notably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $530,400 in Laurel, the typical annual property tax bill reaches $6,234, significantly exceeding the national median of $2,690. Property taxes in Laurel are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Laurel'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 Laurel 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
Laurel, Montgomery County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$5,940
$5,513
Ownwell’s Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel 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 Laurel, Montgomery County, Maryland
Property taxes in Laurel, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 1.12%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20707 zip code has the highest median property tax rate of 1.12%, while the 20707 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Laurel 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 Laurel Tax Rate
1.12%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20707 | 0.97% | 1.10% | 1.12% | 1.16% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Montgomery County, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Laurel, Maryland. 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 local 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 Laurel, 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. For instance, the highest median tax bill in the area is $6,234 in the 20707 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Laurel, Montgomery County, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Laurel Assessed Value
$530,400
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 Laurel, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20707 | $386,920 | $438,150 | $530,400 | $608,250 | $661,620 |
Source: Ownwell
Property Tax Bills Across Laurel, Montgomery County, Maryland
In Laurel, Montgomery County, MD, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. With a median home price of $530,400, homeowners face a significant tax burden. The tax bill varies based on the assessed value and the specific tax rate set by local authorities. For instance, the 25th percentile tax bill is $4,783, while the 75th percentile reaches $7,112, and the 90th percentile can be as high as $8,235. These figures indicate a range of tax liabilities depending on the value and location of the property within the city. Homeowners in Laurel must consider these taxes as part of their annual expenses, which can impact their overall financial planning. Compared to the national median property tax rate of 0.99%, the tax rates in Laurel can be relatively high, reflecting the higher property values in the area. Understanding these factors is crucial for homeowners to manage their budgets effectively and anticipate any increases in their property tax bills.
Average Laurel Tax Bill
$6,234
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20707 | $4,082 | $4,783 | $6,234 | $7,112 | $8,235 |
Source: Ownwell