North Potomac, Maryland Property Taxes
The median property tax rate in North Potomac, MD is 1.08%, which is higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in North Potomac at $675,400, the typical annual property tax bill is $7,367, significantly exceeding the national median of $2,690. Property taxes in North Potomac are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding North Potomac'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 North Potomac or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Potomac, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s North Potomac Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Potomac with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Potomac 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 North Potomac, Maryland
Property taxes in North Potomac, Maryland, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in North Potomac is 1.08%, which is higher than the U.S. national median of 0.99%. Local government entities within North Potomac set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Potomac 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 North Potomac's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 20878 has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with North Potomac 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 North Potomac Tax Rate
1.08%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Potomac, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20878 | 1.00% | 1.06% | 1.08% | 1.15% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across North Potomac, Maryland
In North Potomac, 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 North Potomac, 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 North Potomac helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price stands at $675,400, with median tax bills ranging from $5,733 at the 25th percentile to $10,566 at the 90th percentile. The zip code 20878 has both the highest and lowest median tax bills at $7,367.
Property Tax Assessment Values Across North Potomac, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average North Potomac Assessed Value
$675,400
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 North Potomac, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20878 | $420,820 | $538,600 | $675,400 | $797,300 | $947,280 |
Source: Ownwell
Property Tax Bills Across North Potomac, Maryland
In North Potomac, Montgomery County, MD, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of your property. Montgomery County's property tax rate is applied to this assessed value to determine your annual tax bill. For instance, with a median home price of $675,400, homeowners can expect varying tax bills. The 25th percentile tax bill is around $5,733, while the 75th percentile reaches $8,793, and the 90th percentile can go up to $10,566. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly affecting the community's quality of life. Compared to the national median property tax rate of 0.99%, Montgomery County's rates can be higher, reflecting the area's property values and the level of services provided. Homeowners in North Potomac should be prepared for these costs, which are a significant component of homeownership expenses in this region.
Average North Potomac Tax Bill
$7,367
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across North Potomac, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20878 | $4,424 | $5,733 | $7,367 | $8,793 | $10,566 |
Source: Ownwell