1- HOME PRICES
Realtor.com shows the median price for the whole city of Rockville is $549,900.
If you divide Rockville into 4 parts, it shows you the different price points in different areas. In East Rockville, the median listing price is $475,000. In central Rockville, it’s $635,000. In West Rockville, it’s $727,000 and in King Farm it is $635,000. Some neighborhoods will have HOAs such as King Farm and Fallsmead which can run you around $100-$120/month.
Even with all of this information, you can still find higher priced homes in Rockville that will run you around 1.5 million for new construction with an HOA of $235/mnth (see Tower Oaks video).
As for the rental market in Rockville, according to RENTCafe, the average rent is $2051 for an apartment around 942 sq ft. Full disclosure, I do not work with rentals, but I can introduce you to an agent that does.
All real property (real estate) in Montgomery County is subject to taxation, except that which is specifically exempt. Each property is assessed every three years by the State Department of Assessments and Taxation (SDAT). Should you wish to discuss your assessment in more detail, or have a question regarding the assessment appeals process, please call SDAT at (240) 314-4510 or visit their website at www.dat.state.md.us
Real property tax is calculated by multiplying the tax rate (per $100) by the property’s assessed value (obtained from State Department of Assessments and Taxation (SDAT)). The tax rate is set each year by the County Council. The current Rockville tax rates equal $0.292 per $100 of assessed value for real property. The City of Rockville’s property taxes are billed on the Montgomery County consolidated tax bill in July of each year.
Montgomery County, Maryland is one of the wealthiest counties in the country. It has an average effective property tax rate of 0.94%. Maryland’s average effective tax rate of 1.06% is about equal to the national average.
OTHER CHARGES ON PROPERTY TAX BILL:
ROCKVILLE STORMWATER MGMT FEE:
The utility fee is used to help the city comply with state and federal clean water requirements and to maintain stormwater conveyance and treatment systems. The current annual Stormwater Management Utility Fee is $132 per 2,330 square feet of impervious area.
ROCKVILLE REFUSE CHARGE:
Rockville provides once-per-week curbside recycling, trash and yard waste collections for single-family homes and most townhouses within city limits.
- Not all Rockville addresses are serviced by the city. Check the address map to see if the city provides your service.
Rockville provides special bulk waste collections by appointment only. Limited to six special bulk waste collections per household each calendar year.
County Homestead Tax Credit
The Homestead Tax Credit (HTC) limits the increase in taxable assessment each year to a fixed percentage. Every county and municipality in Maryland is required to limit taxable assessment increases to no more than 10% per year, and the State also limits the taxable assessment for the State portion of the tax to 10%. All municipalities in Montgomery County have adopted the 10% HTC limit, except for the Town of Kensington, which has a 5% HTC limit.
Income Tax Offset Credit (ITOC)
This County program grants a credit against the county real property tax in order to offset, in whole or in part, increases in the county income tax revenues resulting from a county income tax rate in excess of 2.6%. The County’s current income tax rate is 3.2%, and the resulting Income Tax Offset Credit is currently $692.
The ITOC is available only to the owner of an owner occupied residential property (i.e., principal residence), as determined by the State Department of Assessments and Taxation (SDAT).
The County establishes the amount of the ITOC this section by County Council Resolution for each levy year.
This credit – described as “County Property Tax Credit” on the property tax bill – is applied only against the General County and Special Service Area ad valorem real property taxes.
The ITOC is not applied to any State or municipal taxes and charges or County Solid Waste or Water Quality Protection Charges, or WSSC charges, such as Front Foot Benefit Assessments.
3- INCOME TAXES
Montgomery County’s income tax rate is 3.2%. The City of Rockville does not have a separate income tax rate, but receives 17 percent of collected County income taxes.
4- SALES TAX
The minimum combined 2021 sales tax rate for Rockville, Maryland is 6%. This is the total of state, county and city sales tax rates. The Maryland sales tax rate is currently 6%.The minimum combined Ro This is the total of state and county sales tax rates. The Maryland state sales tax rate is currently 6%. The Montgomery County sales tax rate is 0%.
City of Rockville Water & Sewage Bill (quarterly)
About 13% higher than the national average. I decided to go to the grocery store and show you some normal staples so you can compare to your home town. LIQUOR stores charge 9% tax.
As of today, gas here in Rockville is running $3.39 for regular gas up to $4 .19 for premium.
How much does health insurance cost in Maryland? Maryland residents can expect to pay an average of $312 per person* for a major medical individual health insurance plan. Prices will vary and premiums can be lower if you are in good health.
Maryland ranks 6 out of 50 states on healthcare. The ranking are based on health care access, health care quality and public health of the state.
All of our beautiful parks here in Rockville are FREE which includes my favorite Billygoat Trail at Great Falls national park. Movies will run you $13.00 for an adult and $10.95 for children and seniors unless you want the IPIC experience which is located in North Bethesda,(Rockville). There, a movie will run you $16.50 for an adult and $9.00 for kids.
FIOS for internet and TV, the cost can range from $109 a month up to $169/month.
Direct TV starts at $65/month plus tax.
Xfinity ranges from $65 up to $130 math depending on the specials and products.
My choice is to have the highest quality/speed internet with FIOS for $40/month and get my TV from HULU which has live TV as well as all of my favorite Channels for $65/month.