The calculator is pre-filled for a $436,300 home (the Maryland median, ranked 15th of 51) with 20% down at 7.40%. That comes to $2,893.60 a month: $2,416.68 principal and interest, $345.42 tax, $131.50 insurance. With 5% down and PMI it is $3,519.43.
Homestead exemptions and property tax relief
The Homestead Tax Credit limits how much an owner-occupied home's taxable assessment can rise each year: 10% for the state tax, and often less for county taxes. You apply once with the State Department of Assessments and Taxation. A separate Homeowners' Property Tax Credit helps lower-income owners.
First-time buyer programs
The Maryland Mortgage Program's 1st Time Advantage loans for first-time buyers come with 0% deferred down payment assistance, such as $6,000 or 3% to 5% of the loan depending on the product.
Transfer and recording taxes
The state transfer tax is 0.5%, about $2,182 on a $436,300 home, and is split between buyer and seller unless the contract says otherwise. When a qualifying first-time Maryland buyer purchases a home to live in, the rate drops to 0.25% and the seller pays it. County transfer and recordation taxes come on top and vary by county.
Closing costs to plan for
Ask your settlement company to apply every first-time buyer exemption you qualify for.
When property tax bills are due
Owner-occupied homes in Maryland can pay property tax in two installments: the first by September 30 and the second by December 31. The tax year runs July 1 to June 30, so closings usually prorate the bill from the settlement date. The state rate is small; most of the bill comes from the county or Baltimore City rate, and each county sets its own homestead cap, which is often lower than the state's 10%.
Before you buy in Maryland
The Homestead Tax Credit only works if you apply. It is a one-time application to SDAT, which you can file online or through Maryland OneStop; check the property's status in SDAT's Real Property Search first. The credit does not transfer from the seller, and a home that was capped for a long-time owner can see a big jump once the cap resets. Ask for the full-assessment value, not just the seller's last bill. Recordation and transfer taxes vary by county, so ask the title company for an itemized estimate early.
2026 loan limit in Maryland
FHFA 2026 one-unit conforming limits: 5 of 24 counties run above $832,750, peaking at $1,249,125 in Charles County, Frederick County, Montgomery County and 1 more. A median-home loan of $349,040 is conforming.
Maryland numbers used above
| Measure | Maryland | U.S. |
|---|---|---|
| Median home value (ACS 2024) | $436,300 | $360,600 |
| Effective property tax rate | 0.95% (21st highest) | 0.89% |
| Average HO-3 premium (NAIC 2023) | $1,578 | $1,737 |
| Median household income | $102,905 | $81,604 |
| Median gross rent | $1,721 | $1,487 |
| Income needed at 28% (20% down) | $124,011 | – |
Frequently asked questions
Can I pay Maryland property tax in installments?
Yes, for a principal residence: the first half by September 30 and the second by December 31.
How does Maryland's homestead credit work?
It caps yearly growth in taxable assessment at 10% for state tax, and often less for county tax. You apply once with SDAT.
Will my Maryland tax bill match the seller's?
Not necessarily. The seller's capped assessment ends at the sale, so your bill can be higher.
What is the median-home payment in Maryland?
About $2,893.60 a month on a $436,300 home with 20% down at 7.40%, including tax and insurance.
Sources
- SDAT, homestead credit
- SDAT, semiannual payment
- Md. Tax-Property §13-203
- Maryland SDAT, Homestead Tax Credit
- Maryland Mortgage Program
- FHFA, 2026 conforming loan limits
- Census ACS 2024 1-year (B25077, B25103, B19013, B25064); NAIC homeowners report (2023); Freddie Mac PMMS.
See also: all states · house affordability · Maryland paycheck