Clear Spring, Maryland Property Taxes
The median property tax rate in Clear Spring, MD is 1.04%, 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 $209,700 in Clear Spring, the typical annual property tax bill amounts to $2,121, which is below the national median of $2,690. Property taxes in Clear Spring are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Clear 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 Clear 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
Clear Spring, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Clear Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clear Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clear Spring 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 Clear Spring, Maryland
Property taxes in Clear 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 Clear Spring is 1.04%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Clear Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clear 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 Clear Spring's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21722 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Clear Spring 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 Clear Spring 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 Clear Spring, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21722 | 0.92% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Clear Spring, Maryland
In Clear 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 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 Clear 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. The median home price in Clear Spring is $209,700, with tax bills ranging from $1,592 at the 25th percentile to $3,530 at the 90th percentile. Notably, the zip code 21722 has the highest median tax bill at $2,121. 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 Clear Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Clear Spring Assessed Value
$209,700
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 Clear Spring, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21722 | $110,780 | $158,500 | $209,700 | $275,500 | $353,020 |
Source: Ownwell
Property Tax Bills Across Clear Spring, Maryland
In Clear Spring, Washington County, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's property assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $209,700, the tax bill can vary significantly. The 25th percentile tax bill is around $1,592, while the 75th percentile tax bill reaches $2,791. At the 90th percentile, homeowners could see tax bills as high as $3,530. These figures highlight how property taxes can vary widely even within the same area, influenced by factors like property size, location, and improvements. These tax bills directly impact homeowners, affecting their annual expenses and potentially their ability to afford their homes. Compared to the national median property tax rate of 0.99%, Clear Spring's tax rates and resulting bills provide a clear picture of the local tax burden.
Average Clear Spring Tax Bill
$2,121
Average Washington County Tax Bill
$1,934
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Clear Spring, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21722 | $1,090 | $1,592 | $2,121 | $2,791 | $3,530 |
Source: Ownwell