Spencerville, Maryland Property Taxes
The median property tax rate in Spencerville, MD is 1.15%, noticeably higher than both the national median of 0.99% and Maryland's state median of 1.06%. With the median home value in Spencerville at $518,400, the typical annual property tax bill reaches $6,118, significantly exceeding the national median of $2,690. Property taxes in Spencerville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spencerville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Spencerville 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
Spencerville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$5,962
$5,532
Ownwell’s Spencerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencerville 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 Spencerville, Maryland
Property taxes in Spencerville, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencerville is 1.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within Spencerville set these rates annually, and they can vary considerably across different neighborhoods. Each year, Spencerville 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 Spencerville's effective property tax rate to other areas in Maryland and the national median. For comparison, the 20868 zip code has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these areas compare with Spencerville 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 Spencerville Tax Rate
1.15%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencerville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20868 | 0.94% | 1.09% | 1.15% | 1.26% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Spencerville, Maryland
In Spencerville, 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 Spencerville, 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 example, the zip code with the highest median tax bill is 20868, amounting to $6,118. 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 Spencerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Spencerville, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Spencerville Assessed Value
$518,400
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 Spencerville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20868 | $321,270 | $374,625 | $518,400 | $680,300 | $929,010 |
Source: Ownwell
Property Tax Bills Across Spencerville, Maryland
In Spencerville, Montgomery County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, determined by the local tax assessor. This value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $518,400, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $4,381, while at the 75th percentile, it rises to $7,983. For those at the 90th percentile, the tax bill can reach up to $10,872. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. High property taxes can significantly impact homeowners, affecting their monthly mortgage payments and overall financial planning. Compared to the national median property tax rate of 0.99%, Spencerville's property tax rates can lead to higher-than-average tax bills, making it crucial for homeowners to understand their tax obligations and seek potential savings.
Average Spencerville Tax Bill
$6,118
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencerville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20868 | $3,139 | $4,381 | $6,118 | $7,983 | $10,872 |
Source: Ownwell