Marion Station, Maryland Property Taxes
The median property tax rate in Marion Station, MD is 1.03%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With a median home value of $129,400 in Marion Station, the typical annual property tax bill amounts to $1,243, which falls below the national median of $2,690. Property taxes in Marion Station are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marion Station'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 Marion Station 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
Marion Station, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,333
Ownwell’s Marion Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marion Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marion Station 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 Marion Station, Maryland
Property taxes in Marion Station, Maryland, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Marion Station is 1.03%, higher than both the Maryland state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Marion Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marion Station 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 Marion Station's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21838 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these areas compare with Marion Station provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marion Station Tax Rate
1.03%
Average Somerset County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marion Station, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21838 | 0.81% | 0.87% | 1.03% | 1.06% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Marion Station, Maryland
In Marion Station, 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 Somerset 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 Marion Station, 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 is $129,400, with tax bills ranging from $744 at the 25th percentile to $3,087 at the 90th percentile. The zip code 21838 has both the highest and lowest median tax bill at $1,243. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marion Station Assessed Value
$129,400
Average Somerset County Assessed Value
$114,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marion Station, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21838 | $47,200 | $75,950 | $129,400 | $208,100 | $319,900 |
Source: Ownwell
Property Tax Bills Across Marion Station, Maryland
In Marion Station, Somerset County, MD, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Marion Station, factors such as the size and location of the property, as well as any improvements made, play a significant role in the assessment process. The median home price in Marion Station is $129,400, and the tax bills vary significantly across different percentiles. For instance, the 25th percentile tax bill is $744, while the 75th percentile tax bill is $1,999, and the 90th percentile tax bill reaches $3,087. These figures illustrate the range of property tax burdens homeowners can expect, depending on their property's assessed value and other contributing factors. Compared to the national median property tax rate of 0.99%, the property tax rates in Marion Station can lead to varying financial impacts on homeowners, making it essential for them to understand how their tax bills are determined and managed.
Average Marion Station Tax Bill
$1,243
Average Somerset County Tax Bill
$1,158
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Marion Station, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21838 | $475 | $744 | $1,243 | $1,999 | $3,087 |
Source: Ownwell