Silver Spring, Maryland Property Taxes
The median property tax rate in Silver Spring, MD is 1.06%, matching the state median but notably higher than the national median of 0.99%. With a median home value of $284,700 in Silver Spring, the typical annual property tax bill amounts to $3,023, surpassing the national median of $2,690. Property taxes in Silver Spring are calculated based on the tax assessed value, which is often lower than the market value due to 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
1.06%
Estimate Property Tax Bill
$3,018
$2,800
Ownwell’s Silver Spring Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Silver Spring. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in Silver Spring to provide an accurate property tax bill estimate. This helps you understand potential tax liabilities and make informed financial decisions. For those curious about neighborhood-specific trends, additional localized information is available further down the page. Your property’s assessed value, determined by Prince George's County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Silver Spring, Maryland
Property taxes in Silver Spring, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Spring is 1.06%, 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 counties in Maryland and the national median. For comparison, the 20903 zip code has the highest median property tax rate of 1.06%, while the 20903 zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Silver Spring provides valuable insights into the varying tax landscape across Prince George's County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver Spring Tax Rate
1.06%
Average Prince George's 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 |
|---|---|---|---|---|---|
| 20903 | 1.04% | 1.04% | 1.06% | 1.06% | 1.09% |
| 20904 | N/A | N/A | N/A | N/A | N/A |
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 Prince George's 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 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. For example, the highest median tax bill in Silver Spring is $2,950 in the 20903 zip code, while the lowest median tax bill is also $2,950 in the same zip code. 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.
Property Tax Assessment Values Across Silver Spring, Maryland
Source: Ownwell
$223,000
$390,725
$558,450
Average Silver Spring Assessed Value
$284,700
Average Prince George's County Assessed Value
$345,300
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 |
|---|---|---|---|---|---|
| 20903 | $120,000 | $152,000 | $278,900 | $296,400 | $313,100 |
| 20904 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Silver Spring, Maryland
In Silver Spring, located in Prince George's County, MD, property tax bills are calculated based on the assessed value of a home. The tax rate is applied to the assessed value, which is determined by the county's property assessment office. Factors influencing the assessed value include the property's market value, size, location, and condition. For instance, the median home price in Silver Spring is $284,700, which serves as a benchmark for determining property tax bills. Homeowners in Silver Spring face varying tax bills, with the 25th percentile at $2,521 and the 75th percentile reaching $3,275. The 90th percentile tax bill can go up to $6,480. Notably, the highest and lowest median tax bills in the area are both $2,950, found in the 20903 zip code. Compared to the national median property tax rate of 0.99%, the tax burden in Silver Spring can significantly impact homeowners, affecting their overall financial planning and housing affordability.
Average Silver Spring Tax Bill
$3,023
Average Prince George's County Tax Bill
$3,870
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 |
|---|---|---|---|---|---|
| 20903 | $1,245 | $1,498 | $2,950 | $3,141 | $3,318 |
| 20904 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell