Montgomery Village, Maryland Property Taxes
The median property tax rate in Montgomery Village, MD is 1.09%, which is considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $256,800 in Montgomery Village, the typical annual property tax bill reaches $3,142, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence exemption. Understanding Montgomery Village'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 Montgomery Village 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
Montgomery Village, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$2,799
$2,598
Ownwell’s Montgomery Village Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Montgomery Village with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Montgomery Village to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed information, scroll down to explore trends at the neighborhood level. Your property’s assessed value is the value assigned by Montgomery County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Montgomery Village, Maryland
Property taxes in Montgomery Village, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montgomery Village is 1.09%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Montgomery Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montgomery Village 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 Montgomery Village's effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 20886 has both the highest and lowest median property tax rate of 1.09%. Understanding how these areas compare with Montgomery Village 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 Montgomery Village Tax Rate
1.09%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montgomery Village, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20879 | N/A | N/A | N/A | N/A | N/A |
| 20886 | 0.91% | 1.02% | 1.09% | 1.31% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Montgomery Village, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Montgomery Village, 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 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 Montgomery Village, 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. The median home price in Montgomery Village is $256,800, with tax bills ranging from $2,165 at the 25th percentile to $5,186 at the 90th percentile. The highest and lowest median tax bills are both $3,142 in the 20886 zip code. 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 Montgomery Village, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Montgomery Village Assessed Value
$256,800
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 Montgomery Village, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20879 | N/A | N/A | N/A | N/A | N/A |
| 20886 | $100,000 | $202,900 | $256,800 | $340,650 | $432,900 |
Source: Ownwell
Property Tax Bills Across Montgomery Village, Maryland
In Montgomery Village, MD, property tax bills are calculated based on the assessed value of the property, which is determined by the county's property assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, the median home price in Montgomery Village is $256,800. Homeowners can expect a tax bill that varies significantly depending on their property's assessed value, with the 25th percentile tax bill at $2,165 and the 75th percentile tax bill reaching $4,180. The highest median tax bill in the area is $3,142, specifically in the zip code 20886. Compared to the national median property tax rate of 0.99%, Montgomery Village homeowners experience a diverse range of tax bills, which can impact their annual expenses significantly. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. Homeowners need to stay informed about these factors as they directly influence their financial obligations towards property taxes.
Average Montgomery Village Tax Bill
$3,142
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Montgomery Village, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20879 | N/A | N/A | N/A | N/A | N/A |
| 20886 | $1,052 | $2,166 | $3,142 | $4,180 | $5,187 |
Source: Ownwell