Hagerstown, Maryland Property Taxes
The median property tax rate in Hagerstown, MD is 0.86%, lower than both the national median of 0.99% and Maryland's state median of 1.06%. With the median home value in Hagerstown at $216,450, the typical annual property tax bill reaches $1,811, which is below the national median of $2,690. Property taxes in Hagerstown 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 Hagerstown'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 Hagerstown 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
Hagerstown, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,861
Ownwell’s Hagerstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hagerstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hagerstown 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 Hagerstown, Maryland
Property taxes in Hagerstown, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hagerstown is 0.86%, lower than both the Maryland state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Hagerstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hagerstown 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 Hagerstown's effective property tax rate to other areas in Maryland and the national median. For comparison, the 21742 zip code has the highest median property tax rate of 0.97%, while the 21740 zip code has the lowest median tax rate of 0.81%. Understanding how these areas compare with Hagerstown 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 Hagerstown Tax Rate
0.86%
Average Washington County Tax Rate
0.92%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hagerstown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21740 | 0.69% | 0.74% | 0.81% | 0.94% | 1.00% |
| 21742 | 0.71% | 0.79% | 0.97% | 1.00% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Hagerstown, Maryland
In Hagerstown, 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 Hagerstown, 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. For instance, the highest median tax bill in Hagerstown is $2,079 in zip code 21742, while the lowest median tax bill is $1,672 in zip code 21740. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hagerstown Assessed Value
$216,450
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 Hagerstown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21740 | $102,800 | $146,300 | $204,900 | $273,100 | $356,630 |
| 21742 | $146,600 | $183,500 | $234,600 | $317,100 | $403,900 |
Source: Ownwell
Property Tax Bills Across Hagerstown, Maryland
In Hagerstown, located in Washington County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessments. The median home price in Hagerstown is $216,450. Property taxes are then applied to this assessed value using the local tax rate. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value, subsequently affecting the tax bill. Homeowners in Hagerstown can expect varying tax bills depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $1,312, while at the 75th percentile, it rises to $2,592. The highest median tax bill in the city reaches $2,079 in the 21742 zip code, while the lowest is $1,672 in the 21740 zip code. These figures highlight the range of property tax obligations homeowners might face, impacting their annual financial planning. Compared to the national median property tax rate of 0.99%, Hagerstown's property tax rates offer a varied yet competitive landscape for homeowners.
Average Hagerstown Tax Bill
$1,811
Average Washington County Tax Bill
$1,934
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Hagerstown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21740 | $792 | $1,156 | $1,672 | $2,350 | $3,167 |
| 21742 | $1,272 | $1,556 | $2,079 | $2,970 | $3,841 |
Source: Ownwell