Big Pool, Maryland Property Taxes
The median property tax rate in Big Pool, MD is 1.04%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With the median home value in Big Pool at $175,700, the typical annual property tax bill amounts to $1,825, which is below the national median of $2,690. Property taxes in Big Pool are calculated based on the tax assessed value, which usually falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Big Pool'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 Big Pool or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Pool, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,827
$1,696
Ownwell’s Big Pool Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Pool with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Pool 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 Big Pool, Maryland
Property taxes in Big Pool, Maryland, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Pool is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Big Pool set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Pool 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 Big Pool's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21711 zip code has the highest median property tax rate of 1.04%, while the 21711 zip code has the lowest median tax rate of 1.04%. Understanding how these cities compare with Big Pool provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Pool Tax Rate
1.04%
Average Washington County Tax Rate
0.92%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Pool, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21711 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Big Pool, Maryland
In Big Pool, 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 Washington County Assessment Office 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 Big Pool, 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 Big Pool helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Big Pool are both $1,825, occurring in zip code 21711.
Average Big Pool Assessed Value
$175,700
Average Washington County Assessed Value
$219,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Pool, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21711 | $107,190 | $127,700 | $175,700 | $242,800 | $334,170 |
Source: Ownwell
Property Tax Bills Across Big Pool, Maryland
In Big Pool, Washington County, MD, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by the county's tax assessor. For example, with the median home price at $175,700, the property tax rate is applied to this value to calculate the tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. In Washington County, the tax bills vary significantly, with the 25th percentile at $1,323, the 75th percentile at $2,403, and the 90th percentile reaching $3,308. These figures indicate that while some homeowners may pay relatively modest amounts, others could face significantly higher bills. Compared to the national median property tax rate of 0.99%, the tax burden in Big Pool can be substantial, affecting homeowners' annual expenses and potentially influencing decisions regarding property investments and relocations.
Average Big Pool Tax Bill
$1,825
Average Washington County Tax Bill
$1,934
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Pool, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21711 | $1,114 | $1,323 | $1,825 | $2,403 | $3,308 |
Source: Ownwell