Funkstown, Maryland Property Taxes
The median property tax rate in Funkstown, MD is 0.87%, which is notably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $158,850 in Funkstown, the typical annual property tax bill amounts to $1,323, falling below the national median of $2,690. Property taxes in Funkstown are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By gaining a thorough understanding of Funkstown's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're situated in the heart of Funkstown or another part of the city, being well-versed in the local property tax system is crucial for financial planning and investment strategies.
Last Updated June 14, 2024
Funkstown, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,382
$1,282
Ownwell’s Funkstown Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Funkstown using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Funkstown to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular data, scrolling down will reveal trends at the neighborhood level. Your property’s assessed value is the value assigned by Washington County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Funkstown, Maryland
Property taxes in Funkstown, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Funkstown is 0.87%, which is lower than the Maryland state median and the U.S. national median of 0.99%. Local government entities within Funkstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Funkstown 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 Funkstown's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21734 has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Funkstown 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 Funkstown Tax Rate
0.87%
Average Washington County Tax Rate
0.92%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Funkstown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21734 | 0.74% | 0.82% | 0.87% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Funkstown, Maryland
In Funkstown, 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 Funkstown, 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 Funkstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 21734, with an annual tax bill of $1,323, whereas the lowest median tax bill is also in the same zip code at $1,323.
Average Funkstown Assessed Value
$158,850
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 Funkstown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21734 | $107,300 | $129,550 | $158,850 | $198,500 | $245,850 |
Source: Ownwell
Property Tax Bills Across Funkstown, Maryland
In Funkstown, located in 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 of the property. Homeowners in Funkstown can expect their property tax bills to vary significantly, depending on the value of their homes and the specific tax rate applied by the county. For instance, the median home price in Funkstown is $158,850, and the property tax rates result in bills that range from $1,117 at the 25th percentile to $2,037 at the 90th percentile. The median property tax bill in the area is $1,323, which is higher than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance, directly impacting the quality of life for residents. Homeowners need to be aware of these factors, as property taxes represent a significant ongoing cost of homeownership in Funkstown.
Average Funkstown Tax Bill
$1,323
Average Washington County Tax Bill
$1,934
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Funkstown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21734 | $968 | $1,117 | $1,323 | $1,565 | $2,037 |
Source: Ownwell