Overview of Maryland Taxes
Maryland’s average effective property tax rate of 1.10% is just above the national average, which is 1.08%. However, because Maryland generally has high property values, Maryland homeowners pay more in annual property taxes than homeowners in most other states.
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To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
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Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. SmartAsset’s tax expert has a degree in Accounting and Business/Management from the University of Wyoming, as well as both a Masters in Tax Laws and a Juris Doctorate from Georgetown University Law Center. Jennifer has mostly worked in public accounting firms, including Ernst & Young and Deloitte. She is passionate about helping provide people and businesses with valuable accounting and tax advice to allow them to prosper financially. Jennifer lives in Arizona and was recently named to the Greater Tucson Leadership Program.
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Maryland Property Taxes
Taxes on real estate in Maryland account for a significant portion of both of city and county budgets, funding local services like public education and fire protection. Maryland’s average effective tax rate of 1.10% is slightly higher than the national average.
However, because property values in Maryland are also high, homeowners here pay more in annual property taxes than in most other states. Median annual property tax payments in counties in Maryland range from $1,403 to $5,389.
A financial advisor in Maryland can help you understand how homeownership fits into your overall financial goals. Financial advisors can also help with investing and financial plans, including taxes, homeownership, retirement and more, to make sure you are preparing for the future.
Maryland Property Tax Assessment
Unlike most states, where local officials are responsible for property assessment, the state government oversees all property assessment in Maryland. State officials reassess properties once every three years. The goal of an assessment is to determine the fair market value of each property. The fair market value is the price the property would sell for if listed on the market.
After a reassessment, the state will notify a property owner about any change in assessed value. Property owners who believe their assessed value is incorrect have 45 days from the date of that notice to file an appeal.
For homeowners with a principal residence in Maryland, the Homestead Tax Credit limits increases in assessed property value. The state limits increases to 10%, but some city and county governments elect to use a lower limit.
Another important tax credit is the Homeowners' Property Tax Credit. The credit caps property taxes based on income level. Only households with a total gross income of less than $60,000 are eligible for this credit. As an example, a household with a gross income of $40,000 will receive a credit for any property tax exceeding $2,580 annually.
Maryland Property Tax Rates
While the state government handles property assessments in Maryland, local governments still set their own tax rates. The rates they set will depend on local revenue needs. Any time a local government increases the tax rate, it must hold a public hearing to discuss the new rate.
Tax rates in Maryland vary depending on where you live. The table below shows the average effective tax rate for each of Maryland’s 23 counties, as well as the city of Baltimore (which is independent of any county). Average effective tax rates are calculated by determining the median annual property tax payment as a percentage of the median home value.
|County||Median Home Value||Median Annual Property Tax Payment||Average Effective Property Tax Rate|
If you are looking to refinance a home loan or purchase a home in Maryland, check out our Maryland mortgage rates guide.
The median home value in Montgomery County, which is part of the Washington, D.C. metropolitan area, is $467,500. That is one of the highest rankings among all of America’s 3,142 counties and county-equivalents. So, while property tax rates in Montgomery County are below average at 0.93%, the median annual payment is actually the second highest in the state. The median annual property tax payment in Montgomery County is $4,364.
Prince George’s County
Like Montgomery County, Prince George’s County is located just outside of Washington, D.C. However, property tax rates in Prince George’s County are much higher than those in Montgomery County. The average effective property tax rate in Prince George’s County is 1.33%, as compared with 0.93% in Montgomery County.
At that rate, a homeowner whose home is worth $250,000 would pay $3,325 annually in Prince George’s County, roughly $1,000 more than a homeowner paying the average rate in Montgomery County. Of course, it’s important to keep in mind that rates will vary depending on where in each county you live.
Baltimore County surrounds the city of Baltimore, but does not include the metropolis itself. Tax rates in the county are roughly equal to the state average, but are significantly lower than those in the city of Baltimore. The average effective tax rate in Baltimore County is 1.16%.
The city of Baltimore has some of the highest property tax rates in the entire state of Maryland. The average effective property tax rate here is 1.70%, higher than any of Maryland’s counties. However, homeowners who do not receive any tax credits may pay even higher rates than that.
In 2019, the total listed tax rate in Baltimore is 2.248%. In certain districts there are additional taxes. For example, in the Waterfront District, property owners must pay an additional 0.17% above the standard rate.
If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Baltimore can help you out.
Anne Arundel County
Anne Arundel County is located on the Chesapeake Bay south of Baltimore and east of Washington D.C. The county’s average effective property tax rate of 0.86% is tied for third lowest in the state. However, home values in the county are very high, which means annual property tax payments for many homeowners are too. The median property tax payment in Anne Arundel County is $2,963 per year, about $1,200 higher than the U.S. average.
The typical homeowner in Howard County pays $5,389 annually in property taxes, which is the most expensive amount in the state. Unsurprisingly, tax rates in Howard County also rank as the third highest in the state, with an average effective rate of 1.23%.
Located in northern Maryland, Harford County has property tax rates slightly lower than the state average, but even with the national average. The county’s average effective property tax rate is 1.08%. A homeowner paying property taxes on a home worth $250,000 would pay $2,700 annually at that rate.
Overall, Frederick County has the seventh highest property tax rates of any county in Maryland. The county’s average effective tax rate is 1.14%. In some cities, the total rate will be much higher than that. For example, in the city of Frederick, the total listed rate for 2019 is roughly 1.68%.
Carroll County is a largely rural area located in northern Maryland northeast of Baltimore. The average effective property tax rate in Carroll County is 1.01%, the 16th highest rate in the state. The tax bill on a home worth $300,000 would be about $3,030 based on that rate.
The tenth most populous county in Maryland, Charles County has property tax rates slightly above the state average of 1.10%. The county’s 1.18% average effective rate ranks as the fifth highest of Maryland’s 24 counties (including the city of Baltimore). In La Plata, the county seat, the total rate is 1.39% for 2019.
Places Receiving the Most Value for Their Property Taxes
SmartAsset’s interactive map highlights the places across the country where property tax dollars are being spent most effectively. Zoom between states and the national map to see the counties getting the biggest bang for their property tax buck.
Our study aims to find the places in the United States where people are getting the most value for their property tax dollars. To do this, we looked at property taxes paid, school rankings and the change in property values over a five-year period.
First, we used the number of households, median home value and average property tax rate to calculate a per capita property tax collected for each county.
As a way to measure the quality of schools, we analyzed the math and reading/language arts proficiencies for every school district in the country. We created an average score for each district by looking at the scores for every school in that district, weighting it to account for the number of students in each school. Within each state, we assigned every county a score between 1 and 10 (with 10 being the best) based on the average scores of the districts in each county.
Then, we calculated the change in property tax value in each county over a five-year period. Places where property values rose by the greatest amount indicated where consumers were motivated to buy homes, and a positive return on investment for homeowners in the community.
Finally, we calculated a property tax index, based on the criteria above. Counties with the highest scores were those where property tax dollars are going the furthest.