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Facts & Figures - Maryland

Property taxes for the state of Maryland.

Real property in The Old Line State is assessed at its full market value at the local level (not state), and property tax rates vary widely by county. For example, real property tax rates in the city of Baltimore are 2.268 while in Henderson County you may pay a .750 rate. For more county tax rates, go here.

Keep in mind, though, these rates are subject to annual fluctuation and reflect what a county or city thinks as necessary to fund governmental services. To find your local county tax official, click here.

Real property is assessed on a three-year cycle by the Real Property Valuation Division of the State Department of Assessments and Taxation. Each year, one-third of all residential, commercial, industrial, and agricultural properties are reviewed, including an exterior physical inspection. Since July 2001, real property assessment has been based on 100% of the property’s fair market value. This system facilitates comparison with other states that tax property similarly. Read more here.

Maryland’s Homestead Property Tax Credit, or Assessment Cap, limits the taxation on assessment increases for owner occupied residential property. Any assessment greater than 10% is not taxed. Also, counties and municipalities may set their own limit increases to less than 10%.

Maryland also has a Homeowner’s Property Tax Credit Program, or circuit breaker program, that limits the amount of property taxes a homeowner must pay (relative to income). It’s called a circuit breaker because it shuts off the property tax at a certain level, similar to how an electric circuit breaker shuts off the power when the circuit becomes overloaded. Like most circuit breaker programs, eligibility requires a few basic stipulations, which in Maryland is that the homeowner must own and live in the property at least six months out of the year and have a net worth less than $300,000 (excluding the value of the property for which you’re seeking credit).

Property owners 65 years of age and older can defer increases in their property tax bill, but these deferred taxes become a lien on the property and must be paid when the property is transferred.

Comptroller of Maryland

 

 



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