20763 Property Tax Rate

Property owners in ZIP code 20763 (Savage, Maryland) pay a median of $4,819/year in property taxes on homes valued at $406,300. This translates to an effective tax rate of 1.19%, which is 23% above the Maryland state average of 0.96%.

The monthly property tax burden for a median-valued home in 20763 is approximately $402, which factors into escrow payments on mortgages. This ZIP code is located within Howard County. This is $845 more than the Maryland average of $3,974/year.

Compared to similar ZIP codes in Maryland, 20763 has lower property taxes. ZIP codes with similar effective rates include 20716 (1.19%) and 20722 (1.19%).

In Savage, property taxes represent approximately 4.0% of the median household income of $119,083, providing context for the relative tax burden on homeowners in this area.

Maryland's Homestead Tax Credit caps annual assessment increases at 10% for your primary residence, though your initial purchase-year assessment is unrestricted — file for the credit with Howard County's tax office. The credit applies automatically to qualifying primary residences but requires proper registration; contact the Howard County Assessor to ensure your homestead classification is recorded within 45 days of purchase. Request a copy of your Notice of Assessment and confirm your assessment ratio is correct (owner-occupied property should be assessed on market value).