Boonsboro, Maryland Property Taxes
The median property tax rate in Boonsboro, MD is 0.92%, slightly lower than the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Boonsboro at $277,000, the typical annual property tax bill is approximately $2,472, which is below the national median of $2,690. Property taxes in Boonsboro are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Boonsboro'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 Boonsboro 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
Boonsboro, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,548
$2,365
Ownwell’s Boonsboro Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Boonsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boonsboro 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 Boonsboro, Maryland
Property taxes in Boonsboro, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boonsboro is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Boonsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boonsboro 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 Boonsboro's effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 21713 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Boonsboro 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 Boonsboro Tax Rate
0.92%
Average Washington County Tax Rate
0.92%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boonsboro, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21713 | 0.79% | 0.84% | 0.92% | 1.00% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Boonsboro, Maryland
In Boonsboro, 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 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 Boonsboro, 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. The median home price in Boonsboro is $277,000, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $1,878, while the 75th percentile reaches $3,319, and the 90th percentile can go up to $4,333. Notably, the zip code 21713 has the highest and lowest median tax bill of $2,472. By understanding 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 Boonsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Boonsboro Assessed Value
$277,000
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 Boonsboro, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21713 | $161,700 | $212,700 | $277,000 | $365,750 | $469,640 |
Source: Ownwell
Property Tax Bills Across Boonsboro, Maryland
In Boonsboro, Washington County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Boonsboro pay a property tax rate that is applied to this assessed value. For example, with a median home price of $277,000, the property tax bill can vary significantly. The 25th percentile tax bill stands at $1,878, while the 75th percentile reaches $3,319, and the 90th percentile is at $4,333. These figures illustrate the range of tax liabilities homeowners might face depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Boonsboro's property taxes can be relatively high, affecting homeowners by increasing their annual expenses. This variability in tax bills underscores the importance of understanding how assessments and local tax rates impact overall financial planning for property owners.
Average Boonsboro Tax Bill
$2,472
Average Washington County Tax Bill
$1,934
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Boonsboro, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21713 | $1,472 | $1,878 | $2,472 | $3,319 | $4,333 |
Source: Ownwell