Washington Grove, Maryland Property Taxes
The median property tax rate in Washington Grove, MD is 1.21%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Washington Grove at $458,100, the typical annual property tax bill reaches $5,580, exceeding the national median of $2,690. Property taxes in Washington Grove are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Washington Grove'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 Washington Grove 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
Washington Grove, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$5,543
$5,144
Ownwell’s Washington Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Washington Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Washington Grove 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 Montgomery County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Washington Grove, Maryland
Property taxes in Washington Grove, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Washington Grove is 1.21%, which is notably higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Washington Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Washington Grove 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 Washington Grove's effective property tax rate to other areas in Montgomery County and the national median. For comparison, the zip code 20880 has the highest median property tax rate of 1.21%, while the lowest median tax rate is also found in the same zip code at 1.21%. Understanding how these areas compare with Washington Grove 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 Washington Grove Tax Rate
1.21%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washington Grove, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20880 | 1.06% | 1.17% | 1.21% | 1.24% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Washington Grove, Maryland
In Washington Grove, 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 Washington Grove, 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 Washington Grove is $458,100, with the 25th percentile tax bill at $4,440 and the 75th percentile tax bill at $6,752. The highest and lowest median tax bills are both $5,580 in the zip code 20880. 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 Washington Grove, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Washington Grove Assessed Value
$458,100
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 Washington Grove, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20880 | $309,700 | $392,000 | $458,100 | $552,900 | $667,900 |
Source: Ownwell
Property Tax Bills Across Washington Grove, Maryland
In Washington Grove, Montgomery County, MD, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county's assessment office and reflects the estimated market value of your property. The tax rate is then applied to this assessed value to calculate your annual property tax bill. Homeowners in Washington Grove can expect property tax bills to vary significantly. For instance, those in the 25th percentile face an annual bill of approximately $4,440, while those in the 75th percentile pay around $6,752. At the 90th percentile, the tax bill can soar to $8,773. The median home price in the area is $458,100, which influences these calculations. Compared to the national median property tax rate of 0.99%, Montgomery County's rates can result in higher tax bills for homeowners. Understanding these factors is crucial for budgeting and financial planning, as property taxes can significantly impact your annual expenses.
Average Washington Grove Tax Bill
$5,580
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Washington Grove, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20880 | $3,585 | $4,440 | $5,580 | $6,752 | $8,773 |
Source: Ownwell