Fairplay, Maryland Property Taxes
The median property tax rate in Fairplay, 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 Fairplay at $257,850, the typical annual property tax bill reaches $2,596, which is just below the national median of $2,690. Property taxes in Fairplay are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairplay'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 Fairplay 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
Fairplay, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$2,682
$2,488
Ownwell’s Fairplay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairplay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairplay 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 Fairplay, Maryland
Property taxes in Fairplay, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairplay is 1.04%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Fairplay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairplay 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 Fairplay's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21733 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 Fairplay 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 Fairplay 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 Fairplay, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21733 | 0.96% | 1.01% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Fairplay, Maryland
In Fairplay, 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 Fairplay, 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 Fairplay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Fairplay are both $2,596, found in zip code 21733.
Average Fairplay Assessed Value
$257,850
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 Fairplay, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21733 | $142,650 | $193,875 | $257,850 | $343,450 | $451,660 |
Source: Ownwell
Property Tax Bills Across Fairplay, Maryland
In Fairplay, 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 then multiplied by the property tax rate set by Washington County. Homeowners in Fairplay can expect their tax bills to vary significantly depending on their property's assessed value and location within the county. For instance, the median home price in Fairplay is $257,850, and the property tax bill can range widely. At the 25th percentile, homeowners might see a tax bill of around $1,931, while those at the 75th percentile could pay approximately $3,521. The top 10% of homeowners might face tax bills as high as $4,560. Comparatively, the highest and lowest median tax bills in the area are both $2,596, reflecting some consistency in tax assessments. These property taxes directly impact homeowners by influencing their overall housing costs, potentially affecting their financial planning and homeownership affordability.
Average Fairplay Tax Bill
$2,596
Average Washington County Tax Bill
$1,934
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairplay, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21733 | $1,473 | $1,931 | $2,596 | $3,521 | $4,560 |
Source: Ownwell