Silver Spring, Maryland Property Taxes
The median property tax rate in Silver Spring, 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 Silver Spring at $427,200, the typical annual property tax bill reaches $4,805, significantly exceeding the national median of $2,690. Property taxes in Silver Spring are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence exemption. Understanding Silver Spring'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 Silver Spring 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
Silver Spring, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$4,699
Ownwell’s Silver Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Spring 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 Silver Spring, Maryland
Property taxes in Silver Spring, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Spring is 1.10%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Silver Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Spring 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 Silver Spring's effective property tax rate to other areas in Montgomery County and the national median. For comparison, the 20903 zip code has the highest median property tax rate of 1.16%, while the 20906 zip code has the lowest median tax rate of 1.01%. Understanding how these areas compare with Silver Spring 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 Silver Spring 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 Silver Spring, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20901 | 0.90% | 1.00% | 1.09% | 1.19% | 1.37% |
| 20902 | 0.84% | 0.98% | 1.06% | 1.21% | 1.39% |
| 20903 | 1.00% | 1.15% | 1.16% | 1.44% | 1.54% |
| 20904 | 0.86% | 1.06% | 1.13% | 1.27% | 1.44% |
| 20905 | 0.96% | 1.09% | 1.13% | 1.25% | 1.41% |
| 20906 | 0.68% | 0.89% | 1.01% | 1.16% | 1.35% |
| 20910 | 0.85% | 1.04% | 1.12% | 1.18% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Silver Spring, Maryland
In Silver Spring, 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 Department of Finance 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 Silver Spring, 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 Silver Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Silver Spring is $427,200. The highest median tax bill is $6,131 in the 20910 zip code, while the lowest median tax bill is $3,930 in the 20906 zip code.
Property Tax Assessment Values Across Silver Spring, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Silver Spring Assessed Value
$427,200
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 Silver Spring, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20901 | $317,520 | $403,800 | $463,400 | $535,800 | $629,740 |
| 20902 | $284,400 | $363,000 | $440,000 | $518,700 | $604,500 |
| 20903 | $270,920 | $334,850 | $383,400 | $431,725 | $507,500 |
| 20904 | $250,000 | $330,000 | $410,000 | $471,400 | $550,600 |
| 20905 | $293,000 | $411,000 | $463,200 | $522,300 | $624,100 |
| 20906 | $150,000 | $225,000 | $374,800 | $486,500 | $617,200 |
| 20910 | $210,000 | $370,000 | $535,100 | $664,500 | $815,050 |
Source: Ownwell
Property Tax Bills Across Silver Spring, Maryland
Property tax bills in Silver Spring, Montgomery County, MD, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, reflecting the market value of the home. Homeowners in Silver Spring can expect a median property tax bill of $4,573, which is significantly higher than the national median of 0.99%. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, homes in the 75th percentile have tax bills around $5,915, while those in the 25th percentile are closer to $3,485. The highest median tax bill in the area is $6,131 in the 20910 zip code, whereas the lowest is $3,930 in the 20906 zip code. These property tax bills can substantially impact homeowners, influencing decisions on buying, selling, or refinancing properties. Understanding how these taxes are calculated helps homeowners plan better and take advantage of any available exemptions to reduce their tax burden.
Average Silver Spring Tax Bill
$4,805
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Spring, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20901 | $3,089 | $4,328 | $5,136 | $6,046 | $6,981 |
| 20902 | $2,446 | $3,933 | $4,835 | $5,705 | $6,598 |
| 20903 | $2,652 | $3,953 | $4,763 | $5,616 | $6,425 |
| 20904 | $2,246 | $3,620 | $4,744 | $5,758 | $6,687 |
| 20905 | $3,170 | $4,502 | $5,334 | $6,306 | $7,436 |
| 20906 | $1,212 | $2,185 | $3,930 | $5,320 | $6,528 |
| 20910 | $2,256 | $3,976 | $6,131 | $7,608 | $9,135 |
Source: Ownwell