Maryland housing costs at a glance
| Maryland | |
|---|---|
| Median home value (Zillow) | $433,000 |
| Average effective property tax | 0.9% |
| Typical rate for a new buyer (calculator default) | 1.1% |
| Average homeowners insurance ($300k dwelling) | $1,944 a year |
| 2026 conforming loan limit (one unit) | $832,750 in most counties; higher in the Washington, DC suburbs (Montgomery, Prince George's and nearby counties) – check the FHFA table |
Example: median-priced home
Maryland home for $433,000, 20% down, 6.5% 30-year fixed: principal and interest $2,189 + property tax $397 + insurance $162 = about $2,748 a month. Enter your own rate quote and the actual tax rate of the property for a precise figure.
Maryland property tax
Maryland homes pay a small state property tax plus county (and sometimes city) tax on the full assessed value. The average effective rate is about 0.9%; Baltimore City is the outlier at about 2.25%. Properties are reassessed every three years, and the Homestead Tax Credit limits the taxable increase on your primary residence to 10% a year or less, depending on the county. Apply for it as soon as you move in.
Maryland closing costs
- Transfer and recordation taxes are among the highest in the country: the state transfer tax is 0.5% of the price, and counties add their own transfer and recordation taxes, often bringing the total to 1.5%–3%. First-time Maryland homebuyers pay a reduced share.
- Insurance: about $1,940 a year for $300,000 of dwelling coverage.
- See also the Maryland paycheck calculator for state and county income tax.
Other states
See also the Maryland paycheck calculator and mortgage costs in other states.
Frequently asked questions
What is the property tax rate in Maryland?
About 0.9% of home value on average; Baltimore City is much higher, at about 2.25%.
What is the monthly payment on a median-priced Maryland home?
On a $433,000 home with 20% down at 6.5%, principal and interest are about $2,189; with property tax at 1.1% and average insurance the total is about $2,748 a month.
How much are closing taxes in Maryland?
The state transfer tax is 0.5% of the price; with county transfer and recordation taxes the total is often 1.5% to 3%, customarily split between buyer and seller.
What is the Maryland Homestead Tax Credit?
A cap on the yearly increase in taxable assessed value of your primary residence: 10% under state law, lower in many counties.
For information only; not a loan offer. Property tax, insurance and closing costs depend on the specific property and lender.
Sources
- Maryland Department of Assessments and Taxation
- FHFA – 2026 conforming loan limits
- U.S. Census Bureau ACS 2024 – real estate taxes (via NAHB / Construction Coverage)
- Zillow Home Value Index
- Insurify – home insurance by state
Rules checked: October 2026