Maryland (MD) property tax rate: 1.07% | Median home: $395,000 | Median annual tax: $4,227
Maryland is a high-income Mid-Atlantic state near Washington D.C.. The average effective property tax rate in Maryland is 1.07%, which is near the national average of 1.1%.
On the median Maryland home valued at $395,000, annual property taxes come to approximately $4,227 or $352/month. This is a significant part of your total housing cost and should be factored into any home purchase budget.
Pro tip: Maryland has a Homestead Tax Credit that limits assessment increases to 10% per year.
Combined with Maryland's state income tax rate of 5.75%, homeowners should consider the total tax picture. Property taxes in Maryland are manageable and in line with regional averages.
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Maryland has an average effective property tax rate of 1.07%. On the median home value of $395,000, that equals approximately $4,227 per year or $352 per month.
Property taxes in Maryland are calculated by multiplying your home assessed value by the local tax rate. The assessed value may differ from market value depending on your county assessment ratio. Exemptions like homestead exemptions can reduce your taxable value.
Maryland has a Homestead Tax Credit that limits assessment increases to 10% per year.
Maryland property taxes are near the national average of 1.1%. This means property tax costs are predictable and in line with most states.
Property tax due dates vary by county in Maryland. Most counties offer semi-annual payments. Check with your county tax assessor office for specific due dates. Late payments typically incur penalties of 1-2% per month.