Olney, Montgomery County, Maryland Property Taxes
The median property tax rate in Olney, MD is 1.00%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With the median home value in Olney at $535,700, the typical annual property tax bill reaches $5,403, significantly surpassing the national median of $2,690. Property taxes in Olney are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Olney'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 Olney 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
Olney, Montgomery County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$5,357
$4,971
Ownwell’s Olney Property Tax Bill Calculator is an essential tool for any homeowner, real estate investor, or potential buyer looking to estimate their annual property taxes in Olney. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Olney to provide an accurate estimate of your property tax bill. This valuable resource helps you grasp potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Olney, Montgomery County, Maryland
Property taxes in Olney, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olney is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Olney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olney 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 Olney's effective property tax rate to other areas in Montgomery County and the national median. For comparison, the zip code 20832 has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these areas compare with Olney 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 Olney Tax Rate
1.00%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olney, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20832 | 0.82% | 0.94% | 1.00% | 1.11% | 1.25% |
| 20833 | N/A | N/A | N/A | N/A | N/A |
| 20842 | N/A | N/A | N/A | N/A | N/A |
| 20906 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Olney, Montgomery County, Maryland
In Olney, 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 Olney, 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 median home price in Olney is $535,700, with tax bills ranging from $3,913 at the 25th percentile to $8,068 at the 90th percentile. The highest and lowest median tax bills are both $5,406 in zip code 20832. 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 Olney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Olney, Montgomery County, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Olney Assessed Value
$535,700
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 Olney, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20832 | $280,000 | $370,000 | $536,800 | $638,850 | $777,070 |
| 20833 | N/A | N/A | N/A | N/A | N/A |
| 20842 | N/A | N/A | N/A | N/A | N/A |
| 20906 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Olney, Montgomery County, Maryland
In Olney, located in Montgomery County, MD, property tax bills are calculated based on the assessed value of a property. The county assesses properties to determine their value, which is then multiplied by the local tax rate to calculate the property tax bill. Factors influencing the assessed value include the property's market value, location, and any improvements or modifications made to it. For homeowners in Olney, the median home price is $535,700. Property tax bills can vary significantly, reflecting the range of property values in the area. For instance, the tax bill at the 25th percentile is $3,913, while at the 75th percentile, it reaches $6,540. At the 90th percentile, homeowners might see bills as high as $8,068. These property taxes can impact homeowners significantly, affecting their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Olney's property taxes are relatively high, underscoring the importance of understanding local tax obligations.
Average Olney Tax Bill
$5,403
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Olney, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20832 | $2,694 | $3,920 | $5,406 | $6,543 | $8,069 |
| 20833 | N/A | N/A | N/A | N/A | N/A |
| 20842 | N/A | N/A | N/A | N/A | N/A |
| 20906 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell