Knoxville, Maryland Property Taxes
The median property tax rate in Knoxville, MD is 1.04%, slightly higher than the national median of 0.99% but below the Maryland state median of 1.06%. With a median home value in Knoxville, the typical annual property tax bill reaches $2,397, which is below the national median of $2,690. Property taxes in Knoxville are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Knoxville'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 Knoxville 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
Knoxville, 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 Knoxville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knoxville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knoxville 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 Knoxville, Maryland
Property taxes in Knoxville, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knoxville is 1.04%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Knoxville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knoxville 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 Knoxville's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21758 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 Knoxville 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 Knoxville 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 Knoxville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21758 | 1.03% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Knoxville, Maryland
In Knoxville, 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 local 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. Assessment notices in Knoxville 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. The median home price in Knoxville is $234,600, with the 25th percentile tax bill at $1,680 and the 75th percentile tax bill at $3,399. The highest median tax bill in the area is $2,397, found in zip code 21758. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Knoxville Assessed Value
$234,600
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 Knoxville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21758 | $109,300 | $163,000 | $234,600 | $330,300 | $409,100 |
Source: Ownwell
Property Tax Bills Across Knoxville, Maryland
In Knoxville, 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 and reflects the market value of the property. Homeowners in Knoxville face varying tax bills depending on their property's assessed value and the applicable tax rate. For example, the median home price in Knoxville is $234,600, which serves as a baseline for calculating property taxes. The tax bill for homeowners at the 25th percentile is approximately $1,680, while those at the 75th percentile pay around $3,399. At the 90th percentile, the tax bill can reach up to $4,237. These figures highlight the range of property tax obligations within the community. Property taxes in Knoxville can significantly impact homeowners' financial planning, as they must account for these annual expenses. Compared to the national median property tax rate of 0.99%, Knoxville's rates vary, influencing how much residents ultimately pay.
Average Knoxville Tax Bill
$2,397
Average Washington County Tax Bill
$1,934
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Knoxville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21758 | $1,147 | $1,680 | $2,397 | $3,399 | $4,237 |
Source: Ownwell